AMUNDI 4
REVIEW OF THE FINANCIAL POSITION AND RESULTS
IN 2023
4.1 FRAMEWORK FOR PREPARING THE CONSOLIDATED FINANCIAL
4.2.1 Macroeconomic and financial
4.3.4 | High level of profitability | 217 |
4.3.5 | Alternative Performance Measures | |
(APMs) | 219 | |
4.3.6 | Dividend | 220 |
4.4 BALANCE SHEET AND FINANCIAL
STRUCTURE | 221 | |
4.4.1 | Amundi consolidated balance sheet | 221 |
4.4.2 | Off-balance sheet items | 223 |
4.4.3 | Financial structure | 223 |
4.5 | STOCK MARKET DATA | 226 |
4.5.1 | Strong value creation for shareholders | 226 |
4.5.2 | Amundi on the stock markets | 227 |
4.5.3 | Dividend policy | 228 |
4.5.4 | 2024 schedule for financial | |
communications and contacts | 229 | |
4.5.5 | Information about share capital | |
and shareholders | 229 | |
4.6 | OTHER INFORMATION | 234 |
4.6.1 | Transactions with related parties | 234 |
4.6.2 | Main risks and internal control | 234 |
4.7 | RECENT EVENTS AND OUTLOOK | 235 |
4.8 ANALYSIS OF THE RESULTS OF AMUNDI
(PARENT COMPANY) | 235 |
4.9 INFORMATION ABOUT SUPPLIER
AND CLIENT PAYMENT PERIODS | 236 |
AMUNDI - 2023 UNIVERSAL REGISTRATION DOCUMENT | _207 |
- Review of the financial position and results in 2023 Framework for preparing the consolidated financial statements
4.1 FRAMEWORK FOR PREPARING THE CONSOLIDATED FINANCIAL STATEMENTS
4.1.1 Accounting principles and methods
The accounting principles and methods and their changes are described in note 1 of the notes to the consolidated financial statements as at 31 December 2023.
4.1.2 Scope of consolidation
The reporting entities and changes are described in note 9.3 of the notes to the consolidated financial statements as at 31 December 2023.
As a reminder, on 31 December 2021, Amundi acquired Lyxor from Société Générale, having an impact on this date of the takeover of the balance sheet and assets under management, but without any impact on the consolidated income statement or net inflows for the financial year 2021, while Lyxor is fully integrated for the financial year 2022 and the following years.
4.2 MARKET CONTEXT IN 2023
4.2.1 Macroeconomic and financial environment
The economic and financial year 2023 was marked by a clear easing of the stagflation that had characterised 2022. Inflation declined considerably, although it remained above central banks' targets at the end of the year. Growth was surprisingly strong in the United States, Europe avoided the severe recession expected at the start of the year, and activity remained buoyant overall in the emerging economies (despite a disappointing recovery in China). The central banks of advanced economies continued their rate hikes, a move that was widely perceived to have come to an end by the end of the year, while some central banks in the emerging economies were already starting to lower rates. On the markets, bond yields hit new highs before falling sharply at the very end of the year, while most equity indices posted strong gains.
Eurozone
At the beginning of 2023, there were serious fears that economic activity would collapse due to difficulties with natural gas supplies. However, energy prices fell rapidly and the expected sharp recession did not materialise. However, economic activity failed to accelerate later in the year, mainly due to difficulties specific to the industrial sector and the rise in interest rates. Over the first three quarters, GDP in the eurozone remained virtually unchanged. Over the same period, due to the nature of their economies (more services and less industry), France and Spain grew slightly faster than Germany and Italy.
2.9%
2023 INFLATION RATE EUROZONE
Inflation, for its part, has fallen sharply: in December 2023, the 12-month rise in the general consumer price index was just 2.9% (compared with 9.2% in December 2022), with a 3.4% rise in the underlying index (compared with 5.2%). The ECB raised its key rates six times, at each of its monetary policy meetings (every 6 weeks or so) from February to September, taking its deposit rate to 4.0% (compared with 2.0% at end-2022). It then halted this trend; however, by the end of the year, it had not committed to any imminent rate cuts.
United States
The US economy withstood the sharp rise in interest rates much better than expected. Over the first three quarters of the year, GDP grew by 2.3% (and even accelerated in Q3). In addition, job creation averaged over 200,000 per month over the year - a very high figure - while the unemployment rate remained very low (3.7% in December). These strong figures are explained by the abundant savings accumulated by households during the COVID crisis, the financial and cash reserves of companies (which allowed them to minimise the impact of rate increases) and budgetary measures favourable to investment. However, a slowdown was noticeable towards the end of the year. Inflation, for its part, fell sharply: in November, the 12-month rise in the consumer price index was 3.1% (compared with 6.5% in December 2022), with a 4.0% rise in the underlying index (compared with 5.7%). The Core PCE inflation index (monitored by the Federal Reserve), for its part, was up by 3.2% (compared to 4.9% in December 2022). The Federal Reserve raised rates four times between February and July, taking the upper limit of the Fed Funds rate to 5.5%. At the end of the year, it indicated that the pace of future rate cuts would be discussed.
208_ AMUNDI - 2023 UNIVERSAL REGISTRATION DOCUMENT
Emerging markets
Despite a slowdown in the second half of the year, growth in emerging economies remained stable in annual terms (GDP growth of around 4%). It held up well against the headwinds of a disappointing recovery in China (especially in the second quarter), higher US and global interest rates and geopolitical crises and tensions. The slowdown in domestic demand and the dissipation of negative supply shocks have led to a relative decline in inflation, which has gradually spread from prices in volatile sectors and goods to inflation in services, which is more rigid. This trend allowed the central banks of emerging economies to start cutting key rates, even as the Federal Reserve continued to raise its rates. The movement began with all major central banks in Latin America, with the exception of Mexico, and spread to Central and Eastern Europe. Economic policies, for their part, have moved in a more orthodox direction: in Brazil, President Lula has taken a cautious approach; in Turkey, President Erdogan has made a U-turn in favour of a more traditional policy, while the new Argentine President Javier Milei was elected on a very ambitious liberal programme.
Rate
2023 was largely divided into two episodes. The first saw yields rise until the end of October, buoyed up by resilient economies and the determination of central bankers to maintain relatively restrictive rates. The second episode, at the end of the year, was marked by a sharp fall in short- and long-term yields. US 10-year notes ended the year at around 3.8%, with German 10-year notes at around 2%. The market is also expecting the Federal Reserve and ECB to begin cutting rates in March. This rapid decline in yields can be explained by i) a stronger than expected fall in inflation in developed economies, and ii) a change in tone from the Federal Reserve, which has now returned to the point where its two mandates of "inflation" and "employment" are important. The Federal Reserve has indeed been reassured by the drop in inflation, and FOMC members are now paying close attention to the impact of rate rises on growth. With the aim of avoiding an excessive slowdown in activity, the Federal Reserve does not want to restrain the economy any longer than necessary. Finally, iii) economic growth in the eurozone continues to be disappointing. However, the eurozone labour market remains solid. The markets are now expecting inflation to quickly return to 2% without a recession.
Review of the financial position and results in 2023 | 4 |
Market context in 2023 |
Equities
+19.5%
2023 EQUITY MARKET INCREASE (MSCI WORLD AC) 2023
Equity markets rose sharply in 2023, with the MSCI World AC up 19.5% over the year. Falling global inflation and the resilience of the US economy were the main catalysts in 2023, along with the trend in long-term rates. Although US long-term rates rose only slightly over the year, they did experience sharp movements, even passing the 5% mark in October. In addition to the good economic figures, the MSCI USA index (+25%) benefited from the very strong performance of the "Magnificent 7" (Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, Tesla). Europe (+11.2%) fared less well than its American counterpart. Within Europe, the eurozone stands out (+16%). With the exception of Portugal, Southern Europe comes out on top. Spain rose by +23.9%, closely followed by Italy (+27.2%). The Netherlands (+14.8%) also recorded strong growth this year, finishing third. The other Member States also ended the year in the green, with Portugal (+1.5%) bringing up the rear. The Japanese market (+25.9%) led the developed markets, benefiting from the fall in the yen, an improving economy and encouraging corporate governance reforms. The MSCI Emerging Markets Index closed the year in positive territory (+7.1%) despite the very poor performance of the Chinese market (-12.8%). All European sectors were in the green, with the exception of consumer goods (-3.4%).Interest-rate- sensitive sectors fared well, led by IT services and technology (+32.9%), followed by manufacturing (+23.6%), banking (+19.2%) and property (+17.7%), which finally recovered at the end of the year. Finally, again in Europe, value stocks (+9.7%) slightly underperformed growth stocks (+12.8%).
AMUNDI - 2023 UNIVERSAL REGISTRATION DOCUMENT | _209 |
- Review of the financial position and results in 2023 Market context in 2023
4.2.2 Asset management market(1)
While geopolitical tensions and rising inflation led to a global net outflow of almost -€600 billion from medium- and long- term funds in 2022, the same products recorded net subscriptions of over +€140 billion in 2023. While this performance remains positive, it is still a long way from 2021, which saw historic net inflows of around +€2,500 billion euros.
>+€500bn
2023 BOND FUND INFLOWS
At a time when interest rates looked set to reach a high for the period, boosting bond yields while limiting interest rate risk, bond fund investors returned to the market and reallocated more than €500 billion to bond funds by end- December 2023, corresponding to more than 4% of the assets invested in this type of fund at the start of the year. This is in stark contrast to 2022, which ended with an outflow of over -€400 billion from bond funds. At the other end of the spectrum, diversified management seems to be continuing to bear the brunt of rising interest rates, with investors withdrawing over -€330 billion from this type of fund, leading to an organic decline of almost 4% in this market. Equity funds have failed to emerge from their malaise despite the strong performance of the equity markets, barely managing to post a very slight increase (+€12 billion euros) after a flat 2022. Alternative strategies (hedge funds) encapsulated in open-ended funds suffered a similar decline to the previous year, with an outflow of around -€25billion, or more than 7.9% of the €315 billion in assets in this category at the start of the year.
Money market funds fared well in the high interest rate environment, as they did the previous year. This means net inflows of around +€1,400 billion in 2023, almost thirteen times the inflow recorded in 2022 (€110 billion).
Investor enthusiasm for passive management was once again confirmed during the year. Net flows into index funds and ETFs totalled more than +€820 billion over the period, a volume roughly similar to the previous year (around +€750 billion). Excluding money market instruments, the market share of active management continued to fall worldwide, from 67% to 65%. This increase in the market share of passive management was evident in all markets (Asia, North America, Europe).
In active management, "sustainable" funds remained in the green, with net inflows of +€62 billion, mainly due to the strong performance of sustainable money market funds (almost +€100 billion). At the same time, this is still well below the historical net inflow of over +€500 billion in 2021.
Global net inflows in 2023 by geographic area (medium- and long-term funds and money market funds)
(In billions of euros)
North America
1,032
Asia Pacific | 468 | |
Europe87
Africa & the Middle East
6
Latin America | -44 |
- Sources: Amundi and Broadridge Financial Solutions- FundFile & ETFGI / Open-ended funds (excluding mandates and dedicated funds) at end-December 2022. The net inflows of multi-distributed products (cross-border) have been reallocated in full in Europe.
210_ AMUNDI - 2023 UNIVERSAL REGISTRATION DOCUMENT
4.2.2.1 European markets
After an outflow of more than -€215 billion in 2022, the European fund market managed to generate positive net inflows of +€87 billion in 2023. However, this is still well below the level achieved in 2021 (+€792 billion).
European investors favoured less risky investments in a high interest rate environment, i.e., money market and bond funds. Net money market fund inflows will therefore amount to around +€168 billion in 2023.
+€168bn
2023 MONEY MARKET FUND INFLOWS IN EUROPE
Bond funds ended 2023 with +€122 billion in net inflows. These net inflows were largely driven by fixed-maturity bond funds (+€69 billion net over the period), enabling investors to lock in high yields.
Review of the financial position and results in 2023 | 4 |
Market context in 2023 |
Net outflows were particularly marked in diversified funds, with redemptions of around -€146 billion. Diversified prudent funds (-€42 billion) and flexible funds (-€44 billion) were the main targets of investor redemptions.
Equity funds, for their part, managed the decline better than diversified funds (which admittedly do not benefit from the growth drivers of passive management), with an outflow of around -€34.2 billion. Global equity funds are among the few strategies to show positive net inflows of more than +€60 billion, thanks to their greater diversification than equity funds in France (about -€13 billion) or the UK (approximately -€30 billion).
In a context of growing awareness of climate issues, "climate" equity funds registered net inflows of +€8 billion in 2023, although this is less than in 2021 (+€29 billion) and 2022 (+€14 billion).
Net inflows in 2023 by asset class in Europe
(In billions of euros)
Cash | |||||
Fixed income | |||||
Guaranteed Funds | |||||
Alternatives | -15.8 | ||||
Other | -22.2 | ||||
Equities | -34.2 | ||||
Multi-asset | -145.6 | ||||
168.0
122.0
14.8
Others = ABS, derivatives, foreign exchange, real estate, commodities, etc.
AMUNDI - 2023 UNIVERSAL REGISTRATION DOCUMENT | _211 |
- Review of the financial position and results in 2023 Market context in 2023
4.2.2.2 Asia-Pacific Markets
With positive net inflows of around +€332 billion on medium- and long-term products and +€136 billion on money market products, the Asia-Pacific region came second in terms of net inflows in 2023. More specifically, while net equity fund inflows were down in the other two major regions, North America and Europe, in the Asia-Pacific region, equity funds stood out, gaining +€144 billion in assets under management.
+€144bn
2023 ASIA-PACIFIC EQUITY FUND INFLOWS
The driving force behind net bond inflows was the relative dynamism of the Chinese bond market (around +€140 billion euros), which absorbed two-thirds of net inflows to this asset
class. The trend is not the same in the equity fund market, with a marked burst of net inflows among categories as diverse as Chinese equities (around +€35 billion), equities in the new technology sector (around +€19 billion), Indian equities (around +€16 billion), as well as tech equities (around +€13 billion), to name a few categories.
The only cloud on the horizon of a relatively resilient Asian fund market was diversified strategies, which saw redemptions of -€41 billion over the year, as in other regions.
Passive management accounted for 43% of net inflows this year, with ETFs accounting for almost 70% of that. Flows into ETFs and index funds were down slightly on the previous year, when they registered an increase of around 58%.
Assets managed as part of "sustainable" strategies taking into account non-financial factors remained relatively stable from one year to the next.
Net inflows in 2023 by asset class in Asia-Pacific
(In billions of euros)
Fixed income
Equities
Cash
Guaranteed Funds
Other
Alternatives
Multi-asset-40.8
220.7
143.8
135.6
5.6
2.8
0.3
Others = ABS, derivatives, foreign exchange, real estate, commodities, etc.
212_ AMUNDI - 2023 UNIVERSAL REGISTRATION DOCUMENT
4.2.2.3 North American Market
>€1,000bn
2023 NET INFLOWS IN NORTH AMERICA
With positive net inflows of over a trillion euros, the North American market seems to have gone it alone in 2023. However, this performance is deceptive, as almost all net inflows were invested in money market funds (also more than a trillion euros in net inflows), and to a much lesser extent in bonds (+€169 billion).
Review of the financial position and results in 2023 | 4 |
Market context in 2023 |
North American net outflows were concentrated in the diversified market, with net outflows of -€102 billion over the period, followed by equity funds (-€95 billion).
The decoupling of active and passive strategies was especially marked in the North American market. In 2023, medium- and long-term passive management funds attracted +€427 billion in net inflows, while medium- and long-term active management funds suffered net outflows of -€471 billion.
In terms of assets, responsible management remains a relatively confidential segment in this market, accounting for approximately 1.3% of total assets, a proportion that has remained unchanged from one year to the next.
Net inflows in 2023 by asset class in North America
(In billions of euros)
Cash
1,077.6
Fixed income
168.7
Alternatives-3.9
Other -12.8
Equities -95.2
Multi-asset-101.7
Others = ABS, derivatives, foreign exchange, real estate, commodities, etc.
AMUNDI - 2023 UNIVERSAL REGISTRATION DOCUMENT | _213 |
- Review of the financial position and results in 2023 Activity and consolidated results in 2023
4.3 ACTIVITY AND CONSOLIDATED RESULTS IN 2023
4.3.1 Period highlights
In 2023, Amundi achieved excellent performance in both business and results, and demonstrated flexibility in its adaptation:
- Assets under management exceeded €2,000 billion at the end of 2023, and net inflows were positive for the entire year;
- this was buoyed up by key Group areas of expertise tailored to market conditions - asset management products, active bond management, structured products;
- new products tailor-made for preserving capital drew a great deal of interest, from maturity bond funds to structured products with by fixed income underlyings;
- management teams performed well in 2023: 73% of the Group's assets under management in open-ended funds
posted a five-year performance in the first or second quartile for their category, according to Morningstar(1), particularly in equity and asset management strategies, with 270 funds achieving a four or five-star rating from Morningstar, and 83% of assets under management in active funds(2) outstripping their benchmarks;
- constantly striving for operational efficiency has made it possible to keep costs under control and to maintain one of the best cost-to-income ratios in the industry;
- finally, the financial position was further strengthened, allowing to propose a dividend of €4.10 per share to the General Shareholders' Meeting of Shareholders, representing a yield of 6.6%(3).
4.3.2 Amundi continues its development
During this first full financial year following the announcement of its 2025 Strategic Ambitions plan, several development initiatives were launched to leverage clear growth drivers:
- the acquisition of Alpha Associates will help strengthen Amundi's expertise in real assets; this specialist in multi- management of private assets (debt, infrastructure, and private equity), based in Switzerland and very well established with over 100 institutional clients, will contribute €8.5 billion in assets(4) at end 2023, which has grown by an average of 15% per year for the last five years. Together with the corresponding Amundi business, this will create a European leader in this sector, with expertise provided to a broad range of institutional Amundi clients worldwide, and adapted to specifically meet the needs of Retail clients. Consequently, revenue synergies are expected to reach over €20 million within five years. The return on investment is expected to reach over 13% in three years, including €10m in synergies that year and taking into account the payment of the price in instalments over five years pending revenue growth conditions over this period;
- in Asia, assets under management rose to €399 billion, with net inflows of +€21 billion excluding China, thanks to continued strong growth in India, early signs of stabilisation in China's JVs and strong activity by the JV in Korea (+€4.4 billion);
- passive management continued to expand following the integration of Lyxor, with strong net inflows into ETFs in 2023 (+€13.0 billion), with assets under management reaching €207 billion at end-2023; Amundi launched an innovative ETF in eurozone sovereign debt(5), including a large proportion of green bonds, which has raised +€2 billion since its launch in June;
- in Technology & Services:
- Amundi Technology had 57 clients at end-2023, an increase of 10 in one year, including seven outside France, such as the Dutch pension fund Rail&OV, HSBC Securities Services Asia, and a Swiss private bank; its revenue growth remained healthy at +24% compared to 2022,
- Fund Channel (B2B fund distribution platform) has reached €400 billion in assets under distribution, and has signed two partnerships to extend its range of services to distributors, one with CACEIS to offer fund transaction execution, and the other with Airfund, which has acquired a minority stake in this private asset distribution platform;
- The number of Amundi open-ended funds ranked by Morningstar was 1,157 funds as of end-December 2023, and 778 over 5 years. © 2023 Morningstar. All rights reserved.
- Portion of assets under management in active funds, including money market funds, whose gross performance outstrips that of the benchmark; does not include: ETFs, indices, JVs, delegated management, mandates, structured products, real assets; where no benchmark exists, absolute gross performance is taken into account; source: Amundi/Risk Department.
- Based on the share price as of 2 February 2023 (€61.90 at closing).
- 40% in private equity, 35% in private debt, and 25% in infrastructure; for more details on this transaction, please refer to the press release issued today, 7 February 2024 and available on https://about.amundi.com/.
- ETF Euro Government Tilted Green Bond, tracking the Bloomberg Euro Treasury Green Bond Tilted index and including a minimum of 30% of sovereign green bonds; the ETF is classified as Article 8 as regards the SFDR regulation.
214_ AMUNDI - 2023 UNIVERSAL REGISTRATION DOCUMENT
- in responsible investment:
- Amundi achieved several major successes, particularly with its Green Bonds funds, where it leads the market(1);
- as of year-end, the range of funds aligned with a Net Zero trajectory(2) boasts 40 funds in five asset classes, with the aim of reaching a full range in 2025, in both active and passive management,
Review of the financial position and results in 2023 | 4 |
Activity and consolidated results in 2023 |
- the share of ETFs tracking responsible investment indices reached 33% of the range(3), versus 27% at end- 2022 and on course for the target of 40% by 2025,
- in terms of engagement and voting policy, Amundi has initiated an ongoing dialogue on climate issues, with 966 new companies, very close to the objective of 1,000 new companies set out in the 2025 ESG Ambitions,
- Amundi is among the global Top 3 for its voting policy on environmental and social issues(4).
4.3.3 Satisfactory business momentum
Assets under management by Amundi as at 31 December 2023 totalled €2,037 billion, up 7.0% or €133 billion compared with the previous year, thanks to a positive market effect of +€127 billion and positive net inflows of +€26 billion over the year and despite a negative structure effect linked to the disposal of Lyxor Inc (-€20 billion).
Changes in assets(5) under management by Amundi in 2023
(in € billions)
+40.9 | 1,934 | +3.7 | +23.8 | 1,961 | +13.7 | -1.7 | 1,973 | +19.5 | +63.8 | 2,037 | ||
1,904 | -11.1 | |||||||||||
+3.2% | ||||||||||||
12/31/2022 | 03/31/2023 | 06/30/2023 | 09/30/2023 | 12/31/2023 |
AuM | Net inflows | Market & foreign exchange effect |
In 2023, Amundi generated strong net inflows of +€25.8 billion, with positive results in Retail, Institutionals and JV, strongly driven by the latter (+€7.0 billion) and by asset management excluding JV (+€19.3 billion). MLT assets(6) excluding JVs remained essentially flat (-€0.5 billion), demonstrating the same contrast as seen on the European open-ended funds market between passive and active management:
- passive management brought in +€16.6 billion over the course of the year, of which +€13.0 billion in ETFs, driven by commercial synergies from the integration of Lyxor, the development of the fixed income range (+€5.5 billion, or 42% of net inflows), and the expansion of the ETF range in responsible investment;
- active management experienced net outflows (-€21.3 billion), a clear indicator of client risk aversion and their preference for asset management products or lower risk passive management products: net outflows are primarily in multi- assets and equities, whereas bond strategies accrued +€9.3 billion, and even +€19.1 billion excluding the net outflows from CA & SG Insurers, related to withdrawals on euro-denominated contracts;
- structured products, a key area of Amundi expertise that perfectly suits the context of risk aversion, accumulated +€5.6 billion, primarily in partner networks;
- finally, real and alternative assets (-€1.3 billion) withstood net outflows in property, which remained modest (-€2.1 billion), thanks to successful net inflows in private debt and multi- management.
- No. 1 in assets and year-to-date net inflows in Europe and worldwide, active and passive management, at end-November, source Broadridge.
- All Net Zero Ambition funds in passive management complying with EU CTB/PAB criteria.
- In percentage of the number of ETFs managed.
- Voting Matters 2023 report by the UK charity ShareAction; Amundi was 3rd among the 69 main investment managers worldwide, with a score of 98%. ShareAction evaluated 257 shareholder resolutions in 2023.
- Assets and net inflows (including Lyxor in 2022), including advised and marketed assets and comprising 100% of the net inflows and managed assets of Asian JVs; for Wafa in Morocco, the assets are included for their share.
- Medium/Long-Termassets.
AMUNDI - 2023 UNIVERSAL REGISTRATION DOCUMENT | _215 |
-
Review of the financial position and results in 2023 Activity and consolidated results in 2023
By client segment: - retail excluding Amundi BOC posted excellent net inflows (+€10.5 billion), both for French networks (+€5.7 billion), thanks to structured and asset management products, and for Third-party distributors (+€4.6 billion) thanks to passive management and again asset management products; International networks remained stable (+€0.1 billion), with very good commercial performance for structured products and maturity bond funds being offset by withdrawals from higher-risk products (multi-assets and equities), in a context of fierce competition from the issuance of government bonds aimed at individuals, particularly in Italy;
- the activity of Amundi BOC WM (China, -€3.7 billion) was affected, particularly in early 2023, by the maturities of the last term funds that were sold upon the launch of this subsidiary in 2021;
- institutionals (+€12.0 billion) experienced a good level of activity in all sub-segments - institutionals & sovereigns +€12.9 billion, Corporates +€2.7 billion, Employee savings plans +€1.9 billion - with the exception of CA & SG insurers (-€5.4 billion), which still experienced withdrawals of traditional life insurance policies by their clients; excluding this sub-segment, net inflows (+€17.4 billion) were concentrated in asset management products, passive management, active bond strategies and private debt;
- solid activity for the JVs (+€7.0 billion) came from India (SBI MF, +€12.2 billion) and South Korea (NH Amundi, +4.4 billion), whereas the net outflows in China (ABC-CA,-€10.0 billion, of which -€2.0 billion in the Channel business in run-off) were primarily posted in the first half, with the second half taking a slightly positive turn thanks to the stabilisation of the Chinese mutual fund market.
4.3.3.1 Breakdown of assets under management and net inflows by asset class(1)
AuM | AuM | % change | Net inflows | Net inflows | |
(in € billions) | 31/12/2023 | 31/12/2022 | 31/12/2022 | 2023 | 2022 |
Equities | 467 | 406 | +14.9% | +2.2 | 13.4 |
Multi-asset | 279 | 286 | (2.4%) | (24.5) | (2.8) |
Fixed Income | 656 | 605 | +8.4% | +17.6 | (3.0) |
Real, alternative and structured assets | 107 | 125 | (14.1%) | +4.3 | 0.1 |
MLT ASSETS EXCL. JVS | 1,510 | 1,423 | +6.1% | (0.5) | 7.8 |
Treasury Products excl. JVs | 211 | 185 | +13.9% | +19.3 | (14.9) |
ASSETS EXCL. JVS | 1,721 | 1,608 | +7.0% | +18.8 | (7.1) |
JVs | 316 | 296 | +6.9% | +7.0 | 14.0 |
TOTAL | 2,037 | 1,904 | +7.0% | +25.8 | 7.0 |
O/W MLT ASSETS | 1,794 | 1,689 | +6.2% | +6.2 | 26.3 |
O/W TREASURY PRODUCTS | 242 | 215 | +13.0% | +19.7 | (19.3) |
4.3.3.2 Breakdown of assets under management and net inflows by client segments(1)
AuM | AuM | % change | Net inflows | Net inflows | |
(in € billions) | 31/12/2023 | 31/12/2022 | 31/12/2022 | 2023 | 2022 |
French networks | 132 | 119 | +11.5% | +5.7 | +0.4 |
International networks | 162 | 156 | +3.7% | (3.6) | +0.1 |
of which Amundi BOC WM | 3 | 7 | (54.9%) | (3.7) | 3.9 |
Third-party distributors | 317 | 287 | +10.3% | +4.6 | +9.4 |
Retail (excluding JVs) | 611 | 562 | +8.7% | +6.8 | +9.9 |
Institutional (1) & sovereign investor | 486 | 453 | +7.2% | +12.9 | (8.2) |
Corporates | 111 | 102 | +8.5% | +2.7 | (2.4) |
Employee savings | 86 | 76 | +14.1% | +1.9 | +1.2 |
CA & SG insurers | 427 | 415 | +2.8% | (5.4) | (7.7) |
INSTITUTIONAL INVESTORS | 1,110 | 1,046 | +6.1% | +12.0 | (17.0) |
JVs | 316 | 296 | +6.9% | +7.0 | +14.0 |
TOTAL | 2,037 | 1,904 | +7.0% | +25.8 | +7.0 |
(1) Including funds of funds.
- Assets and net inflows, including advised and marketed assets and comprising 100% of the net inflows and managed assets of Asian JVs; for Wafa in Morocco, the assets are included for their share.
216_ AMUNDI - 2023 UNIVERSAL REGISTRATION DOCUMENT
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Amundi SA published this content on 26 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 April 2024 14:36:09 UTC.
