Amundi Client Servicing
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Paris, Wednesday 31 July 2019
In an environment marked by persistent risk aversion, Amundi's results for the first half of 2019 improved once again, in line with targets, confirming the resiliency of its business model.
In the first half of the year, growth in adjusted net income1 (+2.7% to €505m) was the result of resiliency in revenues and margins, as well as strict control of costs, which benefited from the synergies related to the Pioneer integration.
1Adjusted data: excluding amortisation of the distribution contracts and, in 2018, excluding costs associated with the integration of Pioneer
Revisiting fixed income opportunities after the European institution appointments
Financial markets have been enjoying a record-breaking run of late.
The journey from market complacency to awareness of fragilities is in full swing, and the market correction in May is part of that, as is the recent recovery fuelled by dovish Central Banks (CB). Aware investors should recognise that the late cycle phase and mature market trends require improving fundamentals and positive political events to deliver sustainable uptrends in risk assets. But, it is difficult to see such improvements happening in the short term.