Assets under management at Amundi and Janus Henderson Group increased in the first quarter, despite net outflows suffered by both firms.
An update Thursday said Amundi's AUM grew 1.7% in the three months ended March 31, to €1.76 trillion ($2.07 trillion). Assets were up 15% vs. figures as of March 31, 2020.
Net outflows were €12.7 billion for the first quarter, compared with €14.4 billion in net inflows for the fourth quarter 2020. Market and foreign exchange impacts, however, added €39.3 billion to Amundi's AUM, compared with a €52.1 billion positive impact in the previous quarter. The update attributed the first quarter's net outflows to €18.6 billion in outflows from treasury products "linked to the interest rate environment," as well as an expected outflow of €7 billion in China.
Net outflows for the three months ended March 31, 2020, totaled €3.2 billion, with a market and foreign exchange negative impact of €122.7 billion.
Institutional AUM was flat over the quarter at €1.04 trillion, but grew 14.2% for the year. Institutional net outflows were €16.2 billion in the first quarter, compared with €21.3 billion in net inflows for the previous quarter, and €15.4 billion in net outflows for the first quarter of 2020.
Revenue was €770 million, up 5.5% for the quarter and 25.8% for the year. Net income was €309 million, up 7.3% for the quarter and 50% for the year. The net income figure was the highest quarterly result since Amundi's initial public offering in 2015, the update said.
Outgoing CEO Yves Perrier, who will be replaced by Valerie Baudson effective May 10, said in the update that strategic initiatives launched in 2020 — including a joint venture with Bank of China — "are starting to bear fruits. The acquisition of Lyxor will be a new driver of growth."
On April 7, Amundi entered into exclusive negotiations with Societe Generale to acquire Lyxor Asset Management. The deal "improves Amundi's key expertise, mainly in the fast-growing ETF market, and generates substantial value," Thursday's update said. The deal is set to close no later than February.