Alongside its wide range of expertise, its presence in 37 countries allows Amundi to develop investment solutions that fit the specific needs of each client and comply with local market specificities. In an economic and financial environment which has become tougher, Amundi pays extra attention to being closer to its clients.
With net inflows amounting to 42 billion euros in 2018, Amundi’s investment solutions once again won new clients, despite an end of year rise of risk aversion. Medium and long-term assets account for 75% of new assets under management.
Networks and third-party distributors
In 2018, net inflows with the Retail clients of Amundi’s partner networks and external distributors remained high – with 30.7 billion euros, including joint ventures. Despite rising risk aversion, as shown in the significant slowdown in subscriptions towards the end of the year, Amundi maintained or strengthened its positions on most of its markets. French traditional Retail networks did show strong resilience, and, have, for the third year in a row, achieved positive net inflows. Clients particularly favoured discretionary management solutions, which Amundi has simplified and democratised over the last few years, as they not only answer investors’ and distributors’ expectations, but also comply with new European regulations. Discretionary solutions are also enjoying growing success with the Group’s international networks, especially in Italy, where they were launched at the beginning of 2018. Amundi is gaining a lot of ground on the Italian and Spanish markets, where it was the leading player in terms of net inflows in 2018, while breaking into the top three in all its other European countries. Chinese and Indian joint ventures also actively contributed to global inflows. The Indian joint venture enjoyed one of the most spectacular growths on the local market, with online subscriptions skyrocketing. In contrast, thirdparty distributors – external networks – experienced notable slowdowns, as they were hit by the global end-of-year market downturn. In addition to the deployment of discretionary management strategies – which will be rolled out in Germany in 2019 – 2018 also saw the development of support and advisory services for banking and insurance partners, and the addition of new blocks to Amundi Digital Advisory and Amundi Academy (digital training). In 2019, Amundi aims at consolidating its position on the French market, while further developing its partnerships with UniCredit networks in Europe. This will require implementing new initiatives in the areas of retirement and advisory management solutions, generalising ESG* analyses to all funds, and developing cross-selling between networks.
Institutional and Sovereign clients
In 2018, in an uncertain and volatile market environment, Institutional investors erred on the side of caution. This, however, did not prevent Amundi from further expanding its business with Institutional clients. Now seen as a genuine international player, with the ability to provide a full range of solutions and services, Amundi was able to maintain strong momentum in its core markets – in France, Italy and Germany – and to achieve remarkable growth in the Middle East and in Northern Asia. Amundi performed especially well with sovereign entities, central banks and large supranational organisations, and gained prestigious contracts with several of them: the World Bank, the European Investment Bank and the European Bank for Reconstruction and Development. Amundi kept expanding its institutional offering, as shown in the launch of new solutions for credit – the Credit Continuum solution on its Fixed Income platform – or new Smart Beta* strategies. Amundi also reinforced its associated service offering, by deploying its strategic allocation and ESG* advisory services. To help clients withstand an increasingly erratic market environment, Amundi implemented several new initiatives, aimed at providing them with operational insights on the evolution of macro-economic and geopolitical trends and on the evolution of innovative hedging strategies, which will be continued and expanded in 2019.
Liquidity solutions for Corporate clients continued to perform well in 2018, but had to cope with increased competition from banks, which were in the process of undertaking the reintermediation of their monetary deposits. Clients were mostly interested in short-term products, such as cash or cash equivalent, while longer-term solutions kept attracting companies that had good cash-flow visibility. In France, the market experienced a somewhat average year, as several major clients opted to mobilise their cash surpluses for the funding of external growth operations. However, Amundi gained new clients in other European countries, especially in Germany and Belgium, where its sales operations were significantly reinforced. Amundi believes the trend will continue throughout 2019, with additional gains of market shares, as regulations increasingly favour standard monetary solutions with variable net asset value, a market on which Amundi has acquired longstanding expertise and holds a leadership position in Europe. Amundi has also strengthened its presence on the European pension fund market, with new clients in Germany, Benelux and France while the development of its advisory business allowed it to obtain several Multi-Asset* mandates. On the employee and retirement savings markets, where Amundi already is the undisputed leader (with 43.2% of market share as of 31/12/2018), it developed several innovations which enabled it to continue its growth. Indeed, with the launch of the first robo-advisor on the employee savings market – for which Amundi received an Innovation award –, it gained over 20,000 new subscribers for a global amount of 150 million euros in assets managed. Lastly, in the area of employee share-ownership in which Amundi is a leader (with 62.6% of market share in France as of 31/12/2018), Amundi accompanied 85% of all SBF 120 issuers which implemented specific schemes in 2018.
+€42bn Net inflows in 2018