Amundi, Janus Henderson suffer AUM declines for Q1

Assets under management at Amundi fell 7.3% for the quarter but grew 3.5% over the year ended March 31, to €1.53 trillion ($1.69 trillion), as institutional net outflows hit the money manager.

Net outflows totaled €3.2 billion for the first quarter, a significant difference to the record €76.8 billion in net inflows recorded for the three months ended Dec. 31. For the first quarter 2019, net outflows totaled €6.9 billion, a financial update Thursday showed.

Institutional assets under management fell 7.7% for the quarter to €911 billion and fell 1% over the year.

Amundi's institutional business suffered net outflows of €15.4 billion for the first quarter, compared to €1.7 billion in net inflows for the previous quarter and €1.5 billion in net outflows for the quarter ended March 31, 2019.

Institutional net outflows related to treasury strategies in the corporate client segment and derisking by institutional and sovereign clients on medium- and long-term assets.

Net revenue fell 14.9% for the quarter and dropped 7.1% over the year, to €612 million. Net income also fell, by 26.3% for the quarter and 17.8% over the year, to €193 million.

In a statement accompanying the update Amundi said that it had decided against paying a dividend of €3.10 a share for the calendar year 2019, following recommendations last month by the European Central Bank. Amundi will instead "allocate the full amount of 2019 net income to previous retained earnings," the statement said.

The firm's board of directors will propose guidelines on distribution of a dividend to shareholders in the second half of this year.

Regarding the coronavirus pandemic, Amundi said about 95% of employees worldwide are working remotely.

"Faced with a crisis of unprecedented scope, Amundi has adapted quickly, thanks to its proprietary robust IT platform and the professionalism of all its employees," Yves Perrier, CEO, said in the statement. "I salute their engagement and their spirit of solidarity. All of the company's functions, including portfolio management, risks, middle-office and sales, are 100% operational."

Separately, Janus Henderson Group reported a 21.5% drop in assets under management for the quarter ended March 31, to $294.4 billion.

Assets fell 17.6% vs. figures as of March 31, 2019, showed a financial update Thursday.

Net outflows totaled $12.2 billion for the first quarter, vs. $6.7 billion and $7.4 billion in net outflows for the quarters ended Dec. 31 and March 31, 2019, respectively.

Total revenue was $554.9 million, down 7.7% vs. revenue for the quarter ended Dec. 31, but up 6.9% vs. figures for the three months ended March 31, 2019.

Net income was a $247 million loss for the first quarter. That compares to $112 million and $94.1 million in net income for the quarters ended Dec. 31 and March 31, 2019 respectively.

"I am proud of the effort and professionalism displayed by our people during this difficult period, as well as the initiatives we have undertaken to support our local communities and charity partners," Dick Weil, CEO of Janus Henderson Group, said in a statement accompanying the update. "Our culture and values are particularly important at times such as these, and I want to thank everyone at Janus Henderson for their commitment and dedication to our clients and each other."