Paris-based asset manager and fund house Amundi today published its 1Q2020 results, showing a 7.6% decrease in AuM to €1.53trn. The company's CEO said he was 'confident of the robustness' of its performance.
In its 1Q trading satement, published this morning, Amundi described an "unprecedented start to 2020." The statement said the covid-19 crisis is "unparalleled in scale, affecting all economic and financial activity around the world."
"It is difficult to predict the scope and duration of this crisis," the company said.
The duration of the crisis and its impact on the business remain difficult to assess. However, thanks to its solid business model and its new growth drivers, Amundi is well-equipped to face the challenges brought by this exceptional situation.”
Amundi's AuM fell to €1.53tn from $1.65trn in the previous quarter. Assets were, however, up 3.5% YoY.
Its 1Q net income slid to €193m from €235m in the same period 2019.
Yves Perrier (pictured), the French asset manager's CEO, said: "We are confident about the robustness of the results for the year."
Commenting further on the figures, Perrier said: "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. 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."
"The Group has initiated recently new growth levers in retail, with strategic partnerships signed with Banco Sabadell and Bank of China. The implementation of these partnerships is progressing well."
Perrier added: "The duration of the crisis and its impact on the business remain difficult to assess. However, thanks to its solid business model and its new growth drivers, Amundi is well-equipped to face the challenges brought by this exceptional situation."