(AOF) – Amundi has revealed that it is targeting 50% growth in assets under management of its passive management platform by 2025 thanks to the acquisition of Lyxor, the leading European ETF provider. In addition, Amundi’s new range of responsible ETFs represents a market share of around 20%. The asset manager intends to double the proportion of ESG ETFs offered to investors, reaching 40% of the total ETF range by 2025.
Amundi has taken the strategic decision to create a business line dedicated to liquid alternative assets, “Amundi Alternatives”, in order to position itself as a major player in this market. The company aims to increase the assets managed by the alternative management fund platform in UCITS format by 50% by 2025 and to accelerate the development of DMAPs with international institutional clients.
Finally, Amundi confirmed the synergies generated by the integration of Lyxor, which will comply with what was announced in April 2021, namely: pre-tax cost synergies which should amount to 60 million euros for a full year from 2024, and revenue synergies which should reach 30 million euros for a full year in 2025.
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– European leader and eighth worldwide in asset management with € 1,811 billion in assets, born in 2010 from the merger of the management activities of Société Générale and Crédit Agricole;
– Activity focused on Europe, in particular France (54% of outstandings), ahead of Italy (4.6%), the rest of Europe for 13% and Asia for 17%;
– Economic model based on an independent IT platform and multiple distribution channels for the 100 million customers in 36 countries, the group being organized into 3 poles – the French subsidiaries (including CPR, BFT, Etoile gestion, etc.), the international subsidiaries and joint ventures (with Chinese ABC-CA, Indian SBI, Korean NH or Moroccan Wafa, etc.);
– Capital 69.5% owned by Crédit Agricole, the 15-member board of directors chaired by Yves Perrier, Valérie Baudson being chief executive officer;
– Solid financial position, rated A +, the best in the sector, with tangible equity of € 3.2 billion and a CET1 ratio of 20%.
Challenges
– Medium-term plan 2022 targeting annual growth of + 5% in net income and operating income close to 53%;
– Innovation strategy in two axes – the solidity, continuity and security of IT equipment, with the global ALTO platform supporting activities – and the offer of innovative products;
– Strong environmental strategy, the group being world leader in responsible social investment with an ESG outstandings of € 800 billion and integration of ESG analysis in all open funds / divestment of companies including exploration and production of unconventional hydrocarbons represents 30% of activity / € 20 billion of investment by 2025 in funds with a positive environmental or social impact / offer of “Net-Zero” solutions, portfolios with an objective of neutrality carbon in 2050;
– Continuation of ESG innovation: GRECO program with the EIB to promote net debt, “social fund” of the CPR subsidiary taking into account social inequalities, sustainable bond funds from emerging markets with the World Bank, etc.;
– Impact of the 2020 initiatives: purchase of Sabadell AM (7% of the Spanish market), deployment of strategic partnerships with Bank of China and Banco Sabadell, 5-year renewal of the partnership with Société Générale and deployment of Amundi Technology, a business line of products and technological services.
Challenges
– Strong disparities between customer segments, retail being the best paid;
– Continued expansion of the ETF offer, extended by the acquisition of Lyxor, specialist in alternative management and ETFs;
– At the end of September 2021, an 8.9% increase in outstandings, thanks to high inflows and a 29% jump in net income from the 3
th
trimester ;
– 2020 dividend at € 2.90 and maintenance of the distribution rate at 65%.