The French asset manager posted solid results in H1 2022, against the backdrop of a less favourable environment due to rising inflation, weaker markets, and higher risk aversion from customers.

Amundi has reported a net income of €593m in the first half of 2022 – up 8.1% compared to H1 2021. Although net income for the second quarter of 2022 remained high at €269m, it was still down 22.1% year-on-year (YoY), mainly driven by the sharp drop of the financial markets.

As of 30 June 2022, assets under management (AuM) in structured products stood at €28 billion, down 20.1% YoY (30 June 2021: €36 billion). Inflows in both H1 and Q2 2022 were negative, at -€2.9 billion and -€1.6 billion, respectively.

There were some continued flows on active management offset by outflows in structured products coming to maturity earlier than expected 

In the French networks, activity was positive in medium/long-term (MLT) assets (+€0.6 billion) but this was offset by outflows from structured products of €0.9 billion. The latter was mainly down to products autocalling, according to Nicolas Calcoen (pictured), deputy CEO, Amundi.

“In France, there were some continued flows on active management offset by outflows in structured products coming to maturity earlier than expected,” Calcoen said.

Amundi issued 16 structured products worth an estimated €1.8 billion in France during H1 2021 – stable compared to the same semester last year (H1 2021: €1.9 billion from 16 products).

The products were linked to a single equity index and distributed, among others, via LCL and Crédit Agricole’s Caisses Régionales. Fifteen structures featured the autocall payoff, while the remaining product, Sélection France Social Janvier 2022, offered 100% participation in the Euronext France Social Decrement 3.75% Index, capped at 70% and with a minimum overall capital return of 85%.

Some 32 products that sold an estimated €4.8 billion at inception had a knockout observation during the semester. Of these, 22 were tied to the Eurostoxx 50 with the other products linked to the Euro iStoxx 50 Equal Weight Decrement 5% Index (five), Euro iStoxx 50 Carbon Adaptation GR Decrement 5% Index (three) and Cac 40 (two).

Passive management, exchange-traded funds (ETFs) and smart beta had a good first half of the year with €11.4 billion in net inflows, bringing AuM to €284 billion at end-June, an increase of 54.5% YoY.

While Amundi ETFs had a particularly solid first quarter, inflows were affected in the second quarter by the wait-and-see attitude of some clients looking to reduce risk in their portfolios.

Some €176 billion was linked to ETFs and exchange-traded commodities (ETCs) with the remaining €108 billion tied to the index & smart beta segment. Inflows in ETFs and ETCs were €9.4 billion for the semester and €0.1 billion for the quarter while in index & smart beta inflows were also positive, at €1.9 billion and €0.7 billion, respectively.

The asset manager continued to implement its 2025 action plan. Responsible investment AuM were €793 billion at 30 June 2022, stable compared with 30 June 2021. The change from 31 December 2021 (€847 billion in AuM) is linked to a negative market effect, partially offset by the continued integration of ESG criteria into investment management, and sustained inflows, mostly in active management.

Click the link to read the Amundi H1 and Q2 2022 results and presentation.