Amundi's assets under management totalled EUR866 billion at the end of December 2014, an increase of 11.4% over the year.
Net inflows totalled EUR35.4 billion in 2014, including EUR13.1 billion in the fourth quarter. The market and currency effect was EUR53.5 billion. Long-term assets accounted for EUR36.3 billion (including EUR10.5 billion in the Q4 2014) of the total inflows, both in terms of active and passive management, with EUR27.8 billion and EUR8.5 billion respectively in 2014.
Amundi also recorded strong performances in the networks abroad, with inflows of EUR23.4 billion, primarily in Europe and Asia. In 2014, inflows were driven mainly by institutional investors and large corporates (+EUR19.5 billion), third-party distributors (+EUR10.8 billion) and branch networks abroad (+EUR7.7 billion). In the French branch networks, net outflows continued to slow down, amounting to -EUR2.7 billion in 2014. Excluding money market funds, net outflows were -EUR1.4 billion over the same period, close to breakeven.
Amundi is strengthening its offering by developing value-added services, notably through a partnership with EDF to finance the energy transition, as well as the advisory mandate awarded by the ECB as part of its ABS purchase programme. Revenues were stable year-on-year in the fourth quarter of 2014, rising by 0.6%1 to 382 million euros due to an unfavourable basis of comparison in terms of performance fees in the fourth quarter. Full year 2014 revenues were up 7.4%1 reaching 1,541 million euros thanks to activity growth and a good level of performance fees.
Operating costs remained under control, rising by just 2.3% over the same period excluding the new entities in the United States (Smith Breeden), Poland and the Netherlands, whereas for the full year they were up 1.9%. The cost/income ratio therefore improved by 1.2 percentage points year-on-year to 53.4%1 in 2014.
In all, Amundi's net income Group share totalled EUR93 million in the fourth quarter of 2014 and EUR369 million for the full year.