Amundi was the number one manufacturer of structured products, with a 29% share of the market in France, during the first nine months of 2017, according to SRP data. The asset manager was the issuing company behind 35 structured products, predominately funds, which were worth €3.4bn and targeted at retail investors in France (9M 2016: €1.9bn from 24 products).

The company's products, the majority of which used the autocallable payoff, were distributed via Credit Agricole Caisses Regionales, Credit du Nord, LCL, LCL Banque Privée and Societe Generale, respectively. Twenty-five of Amundi's products in 9M 2017 were linked to indices, including the Eurostoxx 50 (22 products), Cac 40 (two) and Europe US Qualite Index (one); six were linked to a basket of indices; and four products were linked to real estate.

The best-selling Amundi product this year has been the CA Indicia Euro (Février 2017), a 10-year autocallable which collected sales of €268m between February 2 and April 18. The life wrapped product is linked to the Eurostoxx 50 and matures early, on the fifth anniversary, providing the European benchmark is at or above 120% of its initial level.


Amundi reported net revenues of €1.9bn over the first nine months of 2017, up 6% from the same period last year while, at 632m, revenue for the third quarter was up 4.4% year-on-year. Combined net inflows of €57.5bn in 9M 2017 were driven by brisk sales in retail, according to the asset manager. Sales were diversified across all asset classes, with a significant component of medium/long-term products (excluding equities; bonds; multi-assets; and real, alternative and structured assets) and balanced between France (48% of the total) and International.

All asset classes contributed to net inflows over the first nine months, according to Amundi, with medium/long-term assets making up €25.9bn (€32.8bn excluding the €6.9bn mandate reinternalised by the ECB in Q1 2017). Amundi also reported a 'good level of activity' regarding exchange-traded funds (ETFs) with €10 billion of inflows since the beginning of the year. Net inflows from the institutionals and corporates segment, primarily made up of treasury products, remained brisk, at €22.1bn over the first nine months of 2017. In in Asia the joint ventures were maintaining strong momentum, while Europe excluding France was benefiting from inflows from third-party distributors and Unicredit networks.

At September 30, 2017, combined assets under management (AUM) of Amundi and Pioneer (the former asset management arm of Unicredit of which the acquisition was finalised by Amundi on July 3) stood at €1,400bn thanks to the contribution of Pioneer (scope effect of €242.9bn), a strong level of activity (net inflows of €31.2bn in the third quarter) and a favourable market environment, according to Amundi.

'Amundi's results at the end of September are up significantly, thanks to the integration of Pioneer and to business momentum, which is staying high in all business lines,' said Yves Perrier (pictured), CEO, Amundi, in a statement. 'The integration of Pioneer is well under way, so we can confirm the announced synergies and potential value creation.'

Click the link to view the full third quarter and 9M 2017 results for Amundi (press release and presentation).

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