Amundi, including BFT Gestion, recorded net new inflows of EUR2.1bn between December 2009 and September 2010.
The company says this was driven mainly by institutional investors, strong sales in the branch networks of mainly guaranteed funds and the launch of ETFs initiated 18 months ago (AUM of EUR5bn at 30 September 2010).
In addition, the market effect contributed EUR18.9bn over the same period.
These elements resulted in a rise of the AUM of 6.9 per cent between September 2009 and September 2010 to EUR710bn
On a like-for-like basis and excluding restructuring costs, Amundi’s net banking income rose by 11.6 per cent between September 2009 and September 2010 to EUR1,160m (including EUR385m for the third quarter 2010 on the same basis).
Together with tightly controlled costs, which rose by only 1.6 per cent excluding restructuring costs, this resulted in a 26.1 per cent rise in Amundi’s gross operating income over the same period, which amounted to EUR535m on a like-for-like basis excluding restructuring costs (including EUR176m euros in the third quarter).
Excluding restructuring costs, the cost/income ratio shrank by 5.3 percentage points over the period to 53.9 per cent at 30 September 2010 on a like-for-like basis.
After taking into account EUR71.1m in restructuring costs since January 2010 (of which EUR14.4m was in the third quarter), net income for asset management was almost EUR309m in the first nine months of 2010 (up 8.8 per cent year-on-year on a like-for-like basis) and over EUR113m euros in the third quarter.
