(AOF) – Amundi (-3.46% to 59.95 euros) is among the biggest decliners in the SBF 120 index given a slightly disappointing quarterly performance. Over the last 3 months of 2023, the adjusted net profit of the main European asset manager increased by 3.4% to 313 million euros. If adjusted pre-tax profit increased by 2.3% to 407 million euros, it came out 2% below the consensus of 414 million euros, reports Jefferies.
The latter and UBS explain this disappointment by adjusted net income also 2% lower than consensus. They increased by 2% to 806 million euros while the market was targeting 824 million euros.
The Swiss bank analyst blames management fees, which increased by 0.4% to 723 million euros. They are 2% lower than expected. Outperformance fees, which fell 45.8% to 34 million euros, also disappointed. Technology saw its revenues increase by 18.6% to 18 million euros.
Analysts, on the other hand, point to operating expenses that are lower than expected. They increased by 3.4% to 426 million euros while the market was targeting 433 million euros.
19.5 billion euros in collections in the fourth quarter
The leading European asset manager recorded inflows of 25.8 billion euros in 2023, including 19.5 billion euros in the fourth quarter. Over the year, it was strongly driven by joint ventures (7 billion euros) and by non-JV cash flow (19.3 billion euros). Medium-long term assets excluding JV recorded an outflow of 0.5 billion euros. In the fourth quarter, the asset manager recorded strong cash collection outside JVs (11.2 billion euros), thanks to strong seasonal activity, and in JVs (6.3 billion euros).
“While overall flows were better than expected, they were mainly driven by low-margin institutional and treasury products,” said UBS. The broker adds that collection from individuals (excluding JV) of 1.1 billion euros was lower than the consensus: 3.7 billion euros.
Its outstanding amount increased by 7% to 2,037 billion euros at the end of December 2023.
The board of directors will propose a dividend of 4.10 euros per share, in cash, stable compared to the dividend paid for the 2022 financial year.
Alongside this publication, Amundi revealed the acquisition of Alpha Associates, an independent asset manager offering multi-management investment solutions in private assets. This management company based in Zurich manages 8.5 billion euros in assets. Valérie Baudson, chief executive of Amundi, said the group would pay a maximum of 350 million euros, including an initial payment of 160 million euros, then an amount of up to 190 million euros, which will depend on growth. of Alpha Associates’ revenues over the next 5 years.
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