Amundi reported an accounting net income of €454m in the first half of 2018, up 58% compared to 1H 2017 while earnings per share were up 44%.

The very low interest rate makes it difficult to deliver a satisfactory return after fees because even if you deliver a decent performance, the interest rate is very low, said Yves Perrier (pictured), CEO, commenting on the company's results for 1H 2018. 'So in this case, most of the savers will say 'I leave my money in deposit because the alternative remuneration is low', said Perrier adding that he does not see a major change in the 18 months to come 'because we all know that the central bank policy will manage very prudently, very smoothly the increase in interest rate'.

However, according to Perrier, the company does have structured products that could help to unlock value. 'We have specific products. For example, we have a product that is 90% protected, which has been not only a very successful product in France and Europe but in Japan it was one of the best sellers during the first half.'

Amundi was the number one issuer of structured products in France, with a 35% share of the market during the first half year of 2018, according to SRP data. The asset manager was the manufacturing company behind 19 products worth €2.5bn during 1H2018, down in issuance but up in sales from the 25 products with a volume of €2.2bn seen in the same period last year.

The company's products - 16 of which were autocallable - were distributed via Credit Agricole Caisses Regionales, Credit du Nord, LCL, LCL Banque Privée, Societe Generale and Union Financiere de France, respectively. Seventeen of Amundi's products in the first half of 2018 were linked to the Eurostoxx 50 index; one product was linked to a basket of shares; and one product was linked to real estate (Immanens OPCI).

The best-selling Amundi product in the period was Triple Cap (Mars 2018), a six-year life insurance which sold €375m during its subscription period. The product, which was distributed via LCL, will be redeemed early, after two or four years of investment, if the Eurostoxx 50 is at or above 95% of its initial level on the valuation date.

Exchange-traded funds (ETFs) inflows remained steady in the first half of 2018 at €2.9bn, bringing assets under management (AUM) to €40.5bn at June 30, 2018 in Europe. Overall, passive management and smart beta AUM amounted to €97bn at the end of June, up 21% over 12 months, according to the asset manager.

Amundi's AUM amounted to €1.4tr at June 30, 2018, reflecting strong business activity with a slightly negative market effect (-€2.1bn). Net inflows, at €42bn, for an average target of €50bn per year, were strong in 1H2018, driven by medium- and long term assets, both retail and international.

The retail segment enjoyed strong momentum in the first six months of 2018 with net inflows of €34.6bn generated by the distribution channels (1H2017: €22.2bn). The French networks continued to deliver a strong commercial performance, up €3.2bn, driven by unit-linked life in insurance policy subscriptions (confirming the recovery observed since mid-2016, while inflows for third-party distributors were €3bn, driven by France and Asia, according to the asset management firm.

Click the link to view the Amundi half year 2018 results and the presentation.

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