Amundi : Q1 2019 – Zone of tension successfully navigated
>The markets and the margin drive earnings - Q1 2019 earnings = € 234m, +9.3% ahead of the consensus (+5.4% vs Q1 2018). There are two reasons for this:Market effect: Whilst Amundi recorded outflows of -€ 7bn in Q1 2019, AuM rose by +3.7% vs Q4 2018. The market impact is € 60bn, incl. +€ 24.6bn for equity, +€ 18.5bn for fixed income and +€ 10.4bn for the multi assets.Margins: the gross margin reached 19.0bp (vs 18.5bp forecast by the consensus). We estimate ...Amundi is a holding company. Through its subsidiaries, Co. provides advisory and investment management services. Co. provides savings, financial instruments, equity trading, credit activities, and investment solutions for both private individuals and institutional and corporate clients worldwide.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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