A

Annual

R

Report

2019

A trusted partner working every day in the interest of its clients and society

Together with our 4,500 employees based in nearly 40 countries, we believe that our relationship with our clients should be based on confidence. We provide them with support on a daily basis to build an enduring relationship based on sound advice, long-term performance and a commitment to social responsibility.

  • The no. 1

    European asset manager

    in the global top 10

  • Over

    €1,600 billion

    in assets under management

  • 4,500 employees

The no. 1

European asset manager

in the global top 10

Over

€1,600 billion

in assets under management

4,500 employees

"Once again, Amundi has succeeded in combining growth with operational efficiency. The company achieved the highest net inflows of its history, while simultaneously improving its cost-to-income ratio."

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Yves

Perrier

Chief Executive Officer of Amundi

A leader in Responsible Investment

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Amundi’s Planet Emerging Green One garners multiple awards – Interview with Jean-Jacques Barbéris

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CLIENTS

“Internationalisation is making strides in the speed and breadth of our Retail platform’s offering“ – Interview with Cinzia Tagliabue

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Amundi’s Real estate debt to feather the Nest pension scheme – Interview with Thierry Vallière

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INVESTMENT MANAGEMENT

“The Green Credit Continuum: an initiative promoting sustainable finance in Europe” – Interview with Eric Brard

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“Our ambition is to double the assets under management by 2023” – Interview with Fannie Wurtz

Read more

SUPPORT FUNCTIONS AND TECHNOLOGY SERVICES

An important partnership between Fineco AM and Amundi – Interview with Joseph El Gharib

Read more

“Amundi Funds: a streamlined, competitive offering, diversified across all asset classes” – Interview with Christophe Lemarié

Read more
DRIVING SUSTAINABLE PERFORMANCE

DRIVING SUSTAINABLE PERFORMANCE

A leader in Responsible Investment

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Amundi’s Planet Emerging Green One garners multiple awards – Interview with Jean-Jacques Barbéris

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Download the 2019 Corporate Social Responsibility Report
Isabelle Senéterre,

Head of Human Resources

Is being an international group an advantage or a source of complexity in managing diversity?

How does Amundi approach the issue of diversity?

Diversity is not an end in itself. It is a value we are committed to and seek because we consider…

Read more

Highlights

Our partnership with Jean Monnet school in Garches: “A powerful mechanism for promoting diversity“

Interview with Isabelle Coquelle-Ricq, Head of CSR, Diversity and HR Communication

Spotlight on women at Amundi

Women can be found in a multitude of management positions at Amundi. Several are country managers at Amundi’s leading offices…

CLIENTS

CLIENTS

“Internationalisation is making strides in the speed and breadth of our Retail platform’s offering“ – Interview with Cinzia Tagliabue

Read more

Amundi’s Real estate debt to feather the Nest pension scheme – Interview with Thierry Vallière

Read more
Fathi Jerfel,

Head of the Retail Clients Division

Discretionary Portfolio Management: growing success across Retail networks

What, in your view, explains the expansion and success of discretionary management in the past few years?

Discretionary Portfolio Management is a contractual agreement for a period of time, between an asset management company and their clients…

Read more

Highlights

Amundi gains a new strategic partner in China

In December 2019, the Chinese financial regulator approved the creation of an asset management joint venture between Amundi and Bank of China Wealth Management…

Structured products turn in strong performance

2019 was an excellent year for Amundi’s Structured Products business line. Structured products received a warm welcome from distribution networks…

Dominique Carrel-Billiard,

Head of the Institutional and Corporate Clients Division

What does the rise of Responsible Investment mean for nvestments managed to a benchmark?

Have you noticed a change in Institutional investors’ attitude towards so-called ‘benchmarking’ as pressure mounts for asset management to be more responsible?

The underlying need for a frame of reference that codifies the relationship between an investor and an asset manager…

Read more

Highlights

Amundi and AIIB innovate in climate investment

The Asian Infrastructure Investment Bank (AIIB) and Amundi launched a USD 500 million climate bond fund to spur climate action by Asian countries members of the AIIB…

Amundi Real and Alternative Assets: more than €50bn in AuM

This Amundi platform celebrated its 3rd birthday with panache. Its striking success – particularly its real estate solutions and private debt platform…

INVESTMENT MANAGEMENT

INVESTMENT MANAGEMENT

“The Green Credit Continuum: an initiative promoting sustainable finance in Europe” – Interview with Eric Brard

Read more

“Our ambition is to double the assets under management by 2023” – Interview with Fannie Wurtz

Read more
Pascal Blanqué,

Chief Investment Officer

What are the challenges in store for active management?

What challenges does active management face today?

Persistently low interest rates, a more difficult market outlook, increased competition, liquidity risk management that has become inseparable from the risk/return trade-off…

Read more

Highlights

4 and 5 star ratings for 195 Amundi’s funds

Funds managed by Amundi made a strong showing in 2019. Indeed, 64% of the company’s investment solutions made the top two quartiles for the year…

Amundi sets out on the Silk Road

The Amundi Funds New Silk Road was launched in October 2019 with the goal of identifying investment opportunities in markets benefitting from the emergence of new commercial routes…

Valérie Baudson,

CEO of CPR AM and of the ETF, Indexing and Smart beta Business Line

ESG rising to prominence in passive and thematic investment

Is the rise of ESG passive and thematic investing an inexorable force?

Demand for ESG solutions has certainly become mainstream. Awareness of the need to take action on environmental and social issues has permeated all categories of investors, whether Institutional or Retail….

Read more

Highlights

Amundi launches Europe’s least expensive gold ETC

In addition to its ETF range, Amundi launched an ETC (Exchange Traded Commodity) pegged to physical gold…

Growing success and constant innovation for CPR AM’s thematic funds

CPR AM is capitalising on the success of its thematic funds. CPR Invest – Climate Action and CPR Invest – Education…

SUPPORT FUNCTIONS AND TECHNOLOGY SERVICES

SUPPORT FUNCTIONS AND TECHNOLOGY SERVICES

An important partnership between Fineco AM and Amundi – Interview with Joseph El Gharib

Read more

“Amundi Funds: a streamlined, competitive offering, diversified across all asset classes” – Interview with Christophe Lemarié

Read more
Guillaume Lesage,

Head of the Operations, Services and Technology Division

Can an operating platform combine industrial scale with flexibility and openness? Yes indeed.

Performance of operating platforms has become a strategic issue for asset management. Why?

The operating platforms, which comprise the full range of back-office and IT systems, are central to addressing the challenges asset managers face today…

Read more

Highlights

Fund Channel takes 4th place in Europe

The B2B distribution platform for investment funds jointly owned by Amundi and BNP Paribas Asset Management, has consolidated its position as Europe’s 4th largest operator…

Amundi becomes full owner of fintech Anatec

Amundi has acquired the entire capital of fintech Anatec, the digital savings and advisory aggregation platform in which it already held a 49% stake…

..

Bernard De Wit,

Head of the Support and Control Division

Is managing liquidity the latest challenge for asset managers?

Managing the liquidity of financial assets is becoming an increasingly sensitive issue. Why so?

The crisis caused by the coronavirus epidemic at the beginning of 2020 is a perfect illustration of why this topic is important. Certain asset managers were actually…

Read more

Highlights

A+

In May 2019, Fitch Ratings confirmed Amundi’s ‘A+’ Long-Term Issuer Default Rating (IDR) rating with a “stable” outlook, one of the best ratings granted in the asset management industry.

Capital increase reserved for employees deemed a success

Nearly half of employees in France took part in the Amundi capital increase reserved for their benefit…

  • Isabelle Senéterre,

    Head of Human Resources

    Is being an international group an advantage or a source of complexity in managing diversity?

    How does Amundi approach the issue of diversity?

    Diversity is not an end in itself. It is a value we are committed to and seek because we consider…

    Read more

    Highlights

    Our partnership with Jean Monnet school in Garches: “A powerful mechanism for promoting diversity“

    Interview with Isabelle Coquelle-Ricq, Head of CSR, Diversity and HR Communication

    More highlights

    Spotlight on women at Amundi

    Women can be found in a multitude of management positions at Amundi. Several are country managers at Amundi’s leading offices…

  • Fathi Jerfel,

    Head of the Retail Clients Division

    Discretionary Portfolio Management: growing success across Retail networks

    What, in your view, explains the expansion and success of discretionary management in the past few years?

    Discretionary Portfolio Management is a contractual agreement for a period of time, between an asset management company and their clients…

    Read more

    Highlights

    Amundi gains a new strategic partner in China

    In December 2019, the Chinese financial regulator approved the creation of an asset management joint venture between Amundi and Bank of China Wealth Management…

    More highlights

    Structured products turn in strong performance

    2019 was an excellent year for Amundi’s Structured Products business line. Structured products received a warm welcome from distribution networks…

    Dominique Carrel-Billiard,

    Head of the Institutional and Corporate Clients Division

    What does the rise of Responsible Investment mean for nvestments managed to a benchmark?

    Have you noticed a change in Institutional investors’ attitude towards so-called ‘benchmarking’ as pressure mounts for asset management to be more responsible?

    The underlying need for a frame of reference that codifies the relationship between an investor and an asset manager…

    Read more

    Highlights

    Amundi and AIIB innovate in climate investment

    The Asian Infrastructure Investment Bank (AIIB) and Amundi launched a USD 500 million climate bond fund to spur climate action by Asian countries members of the AIIB…

    More highlights

    Amundi Real and Alternative Assets: more than €50bn in AuM

    This Amundi platform celebrated its 3rd birthday with panache. Its striking success – particularly its real estate solutions and private debt platform…

  • Pascal Blanqué,

    Chief Investment Officer

    What are the challenges in store for active management?

    What challenges does active management face today?

    Persistently low interest rates, a more difficult market outlook, increased competition, liquidity risk management that has become inseparable from the risk/return trade-off…

    Read more

    Highlights

    4 and 5 star ratings for 195 Amundi’s funds

    Funds managed by Amundi made a strong showing in 2019. Indeed, 64% of the company’s investment solutions made the top two quartiles for the year…

    More highlights

    Amundi sets out on the Silk Road

    The Amundi Funds New Silk Road was launched in October 2019 with the goal of identifying investment opportunities in markets benefitting from the emergence of new commercial routes…

    Valérie Baudson,

    CEO of CPR AM and of the ETF, Indexing and Smart beta Business Line

    ESG rising to prominence in passive and thematic investment

    Is the rise of ESG passive and thematic investing an inexorable force?

    Demand for ESG solutions has certainly become mainstream. Awareness of the need to take action on environmental and social issues has permeated all categories of investors, whether Institutional or Retail….

    Read more

    Highlights

    Amundi launches Europe’s least expensive gold ETC

    In addition to its ETF range, Amundi launched an ETC (Exchange Traded Commodity) pegged to physical gold…

    More highlights

    Growing success and constant innovation for CPR AM’s thematic funds

    CPR AM is capitalising on the success of its thematic funds. CPR Invest – Climate Action and CPR Invest – Education…

  • Guillaume Lesage,

    Head of the Operations, Services and Technology Division

    Can an operating platform combine industrial scale with flexibility and openness? Yes indeed.

    Performance of operating platforms has become a strategic issue for asset management. Why?

    The operating platforms, which comprise the full range of back-office and IT systems, are central to addressing the challenges asset managers face today…

    Read more

    Highlights

    Fund Channel takes 4th place in Europe

    The B2B distribution platform for investment funds jointly owned by Amundi and BNP Paribas Asset Management, has consolidated its position as Europe’s 4th largest operator…

    More highlights

    Amundi becomes full owner of fintech Anatec

    Amundi has acquired the entire capital of fintech Anatec, the digital savings and advisory aggregation platform in which it already held a 49% stake…

    ..

    Bernard De Wit,

    Head of the Support and Control Division

    Is managing liquidity the latest challenge for asset managers?

    Managing the liquidity of financial assets is becoming an increasingly sensitive issue. Why so?

    The crisis caused by the coronavirus epidemic at the beginning of 2020 is a perfect illustration of why this topic is important. Certain asset managers were actually…

    Read more

    Highlights

    A+

    In May 2019, Fitch Ratings confirmed Amundi’s ‘A+’ Long-Term Issuer Default Rating (IDR) rating with a “stable” outlook, one of the best ratings granted in the asset management industry.

    More highlights

    Capital increase reserved for employees deemed a success

    Nearly half of employees in France took part in the Amundi capital increase reserved for their benefit…

A leader in Responsible Investment

Stanislas Pottier,

Chief Responsible Investment Officer

A pioneering champion of Environmental, Social and Governance (ESG) awareness, Amundi is today an internationally recognised authority in the field, managing more than 320 billion euros in Responsible Investment assets.

 

“The commitments made by the Group since its creation, which were further reaffirmed and strengthened at the end of 2018 with the objective of 100% ESG management by 2021 for open-ended funds in active management, are perfectly in line with market expectations,” asserts Stanislas Pottier, Chief Responsible Investment Officer.

 

Amundi has contributed to the rise of the green bond market via innovative investment solutions it has launched alongside prestigious partners; these include the International Finance Corporation (IFC) in emerging markets, the European Investment Bank (EIB) in the European private debt market and the Asian Infrastructure Investment Bank (AIIB) in Asia. Amundi is also a committed member of market initiatives such as the One Planet Summit and Climate Action 100+.

 

Lastly, the company has an active and engaged voting policy focused on two priorities: corporate contributions to energy transition and to social cohesion. Since 2019, engagement strategy has been further enhanced by implementation of a voting policy that incorporates ESG criteria. Meanwhile, Amundi has considerably expanded its rating universe. “More than 8,000 issuers are now rated, compared with some 5,000 at the end of 2017,” points out Stanislas Pottier.

Emerging Green One garners multiple awards

Jean-Jacques Barbéris,

Head of Institutional and Corporate Clients Coverage

What is the Amundi Planet Emerging Green One Fund?

Amundi Planet Emerging Green One (EGO) is a closed-end fund jointly launched in 2018 with the World Bank’s International Finance Corporation (IFC) and backed by a coalition of institutional investors. It is the world’s largest green bond fund invested in emerging markets, with $1.5bn in AuM. I’d also add that it is ahead of schedule in rolling over from ESG-screen unlabeled bonds to green bonds, at 31.8%. This is close to twice the 15% target initially set for year two of the programme, which aims to invest all assets under management in green bonds over a seven-year period.

 

To say it has been well received is an understatement…

Indeed, Amundi Planet EGO fund was recognized several times, receiving the PRI’s Real World Impact Initiative of the Year prize at the UN PRI (Principles for Responsible Investment) in Person event, as well as being named “Green Bond Fund of the Year” by Environmental Finance and “Initiative of the Year for Innovative Thinking”.

 

How does this fund fit with Amundi’s general approach to ESG?

It is certainly consistent with our desire to strengthen the market as a whole. Paired with a technical assistance program to support green bond issuance, the fund is designed to encourage new green bond issues in emerging markets, to increase the diversity of green bonds for investors and provide additionality.

 

“The fund encourages emerging market banks to make more green investments, and the IFC is helping to build capacity for them to do this.”

 

Jean-Marie Masse,

Chief Investment Officer, IFC

Internationalisation is making strides in the speed and breadth of our Retail platform’s offering

Cinzia Tagliabue,

CEO Italy

What are the mutual benefits of the discretionary management partnership for Amundi and UniCredit?

As an asset manager, we can be a partner with our distributors to offer their clients solutions in line with their risk profile and target goals. The discretionary mandate is the right approach to add value to the clients building a long-term relationship. Capitalising on our IT expertise allows us to industrialise private banking, and we gain valuable technical know-how building out the platform in a new region, handling the specificities of each distribution network.

 

How exactly are you proceeding with the expansion?

We are moving stepwise by geographic area and segment. Each new region entails investments in building and testing the platform to work with the distributor’s systems and comply with local legislation. Agility is crucial to getting products out quickly and across countries. We’re making gains in time to market, at 2-3 months, down from almost a year.

 

Italy is online, which countries are expected for 2020?

We launched the platform in Italy in 2018, on a segment of €60,000 and up. This year we should be in Germany, at HVB, and in late 2020, Austria, with Bank Austria. Within 2 years, 100,000 new clients annually should be a realistic ambition.

 

“At UniCredit we see this partnership as a way of adding value for our clients and building long-term relationships. Amundi’s platform translates into bespoke advice for more of our customers

and allows us to affordably comply with MIFID II.”

Renato Miraglia,

Head of Private Banking Italy, UniCredit

Amundi’s Real estate debt to feather the Nest pension scheme - Interview with Thierry Vallière

Thierry Vallière,

Head of Private Debt

What is Amundi’s mandate?

Amundi has been selected to manage a global real estate debt mandate for Nest in one of the first three credit mandates ever awarded by the UK government-backed pension scheme, which oversees assets of £10 billion on behalf of 9 million members. Nest is targeting an initial allocation of about 5% in private credit but is taking a staggered approach, investing around £500 million over the first 12 months.

 

Can you tell us about the Amundi team involved?

The Real Estate Private Debt Team combines two areas where Amundi excels – Private Debt and Real Estate; both located within the Alternative and Real Assets Platform. Launched in 2018, the real estate debt strategy raised more than €1 billion in its first 18 months. The new Nest mandate indicates this market’s confidence in Amundi’s Private Debt expertise and teams.

 

Nest is the UK’s largest pension scheme. Bidding must have been intense…

Yes. Amundi was selected following a highly competitive open tender in which nearly 40 organisations applied. Amundi’s core strengths played in our favour – a focus on long-term relationships, a leading player in private markets, its credibility on ESG issues and a focus on responding to client needs and specificities.

 

“We’re becoming one of the largest players in the UK pension’s market and our investment strategy is evolving to reflect that, allowing our members to benefit from the sophisticated investments found in private markets.”

 

Mark Fawcett,

Chief Investment Officer, Nest

“The Green Credit Continuum: an initiative promoting sustainable finance in Europe”

Éric Brard,

Head of Fixed Income

In July 2019, Amundi and the EIB launched the Green Credit Continuum. What is this programme?

The agreement concluded between Amundi and the European Investment Bank (EIB) has three components. First, it calls for the creation of a diversified fund invested across green corporate bond issues on the High Yield segment, green private debt and green securitised debt instruments. In parallel, a Scientific Committee will be established, as well as a network of green transactions to encourage the growth of these three green fixed-income markets.

 

What is its purpose?

Its end-goal is to offer European companies better access to green debt markets so they can accelerate their energy transition. As a reminder, meeting the climate commitments of the Paris Agreement will require that Europe step up investment by some 180 billion more euros per year through 2030. The initiative is an innovation that contributes to sustainable finance in Europe broadly speaking.

 

And the last word on 2019?

The programme has met with remarkable success among Institutional investors. The first vintage of the Green Credit Continuum closed at end November with 253 million euros in assets under management, the long-term objective being 1 billion euros.

 

“The EIB has long led the charge in promoting green finance, issuing the first-ever green bond in 2007. But despite progress on many fronts, financing gaps remain, particularly in Europe. We are proud to be partnering with Amundi in the context of this programme, which will contribute to filling those gaps.”

 

Ambroise Fayolle,

Vice-President, European Investment Bank

“Our ambition is to double the assets under management by 2023”

Fannie Wurtz,

Head of the ETF, Indexing and Smart Beta Business Line

You launched the Amundi Prime ETF range in March 2019. How is it different from competing offers?

The aim of the Amundi Prime ETF range is to offer the main building blocks for constructing a diversified portfolio. And it does so at an extremely competitive price, thanks to our partnership with Solactive, an index provider recognised for quality and competitiveness. With ongoing charges of 0.05%, Amundi Prime’s Core ETF offer is currently the least expensive in Europe.(1)

 

Where are you in the development of this range today?

It is increasingly successful. In mid-January 2020, assets under management passed the billion-euro mark. This momentum confirms the relevance of Amundi Prime’s positioning in terms of price, simplicity and transparency. The offer, which currently comprises 10 products (5 equities, 5 bonds), will be further expanded in 2020.

 

What are your overall objectives for the ETF, Index and Smart Beta business line?

Our ambition is to double our assets under management by 2023. To achieve this, we will focus on three growth drivers: increasing client coverage in Europe and Asia, enhancing our product offerings and investment solutions, particularly on the ESG/Climate segment, and strengthening our presence in the retail market.

 

“This has been a very huge project for us, and we feel honored to act as Amundi’s index provider of choice for this groundbreaking new range. The success of the Amundi Prime range also reaffirms our willingness to always continue pushing boundaries to provide agile and disruptive products and services while adapting quickly to ever-evolving market conditions.”

 

Steffen Scheuble,

CEO of Solactive

 

(1) Source: Amundi – Comparison based on the ongoing charges of equivalent core ranges available in Europe. Bloomberg data as at 31/01/2020. Important: some funds may be individually more expensive than equivalent European funds or may not have equivalents that permit a comparison, and vice versa.

An important partnership between Fineco AM and Amundi

Joseph El Gharib,

Director of Amundi Services

How did the Fineco AM deal come about?

After the Central Bank of Ireland authorization in May 2018, Fineco launched the Asset Management activities in Ireland. For this purpose, they decided to externalize the technology and the operations and selected Amundi Services as a key partner for Portfolio Management System and operational services. This deal has been facilitated thanks to the good relationship between Amundi and Fineco Bank in Italy and also thanks to the high quality solutions proposed by Amundi Services.

 

What services are provided to Fineco AM?

We offer portfolio management technology via ALTO(1) for Fineco Asset Management as well as order execution and middle-office services, the latter being managed by the Amundi team in Ireland. With ALTO, Fineco AM is able to oversee assets delegated to more than 20 third-party managers as well as managing its own single strategy products with comprehensive compliance and risk  management capabilities, and a bespoke governance for integrating and checking datasets.

 

What’s distinctive about this agreement?

Fineco AM is using the full range of solutions provided by Amundi Services with the ALTO* platform, dealing and middle-office services and a solution to consolidate assets delegated to external asset managers for a large panel of asset classes. Fineco AM is also the first client fully operated by Amundi Ireland. Dublin teams played a central role in the successful implementation and servicing of ALTO. Amundi Ireland is now uniquely positioned to operate Amundi Services solutions for international clients.

 

“Fineco AM has chosen Amundi Services because they can reliably provide the technologically advanced solutions we need to focus on our mission of creating, managing and delivering innovative, dynamic products that keep pace with the evolution of finance.”

 

Fabio Melisso,

CEO of Fineco Asset Management

 

(1) Amundi Leading Technologies & Operations.

"Amundi Funds: a streamlined, competitive offering, diversified across all asset classes"

Christophe Lemarié,

Deputy Head of Retail Marketing

In June 2019, Amundi completed the merger of its Luxembourg fund range. How did this come about?

This transaction effectively merged the three flagship vehicles operating under Luxembourg law that Amundi has managed since acquiring Pioneer Investments, these being Amundi Funds, Amundi Funds II (formerly Pioneer Funds) and Amundi Sicav II (formerly Pioneer Funds’ feeder Sicav). Basically, it is the last step in the process of integrating Pioneer Investments, after the IT migration and legal mergers of the entities.

 

How was this transaction carried out, and to what end?

The main objective was to simplify Amundi’s offering for Retail and Institutional clients. We selected the most relevant funds according to several criteria, including their performance, size, development potential and, above all, how well they fit our clients’ needs.

 

What are the characteristics of the new Amundi Funds range?

Amundi Funds now has more than 90 sub-funds,(1) with total assets under management of nearly 86 billion euros at end December 2019. It brings together the best of Amundi’s expertise. It is a streamlined, competitive offering, diversified across all asset classes.

 

(1) 84% of Amundi Funds’ sub-funds are expected to hold Morningstar ratings of at least three stars.

 

“The consolidation of Amundi’s Luxembourg fund range is one of the largest mergers ever carried out in Luxembourg. We are proud to have been able to contribute to the success of this project, which was completed in record time thanks to perfect coordination of the Amundi and CACEIS teams.”

Philippe Bourgues, Managing Director, CACEIS Bank, Luxembourg Branch