Amundi Investor Presentation
Sabadell AM: 9M 2020 activity and financial outlook
ⓇSabadell
Sabadell AM in 9M 2020
AuM held up well at €21bn, down moderately by around 6% vs.
end 2019, due primarily to a negative market effect
Inflows back to positive in Q3 thanks to launch of Protect 90 fund
Modest gain in market share¹
Net profit contribution of €8m in Q3
2020 net contribution target confirmed
Adjusted net income expected for 2020 (full year): €33m³
Synergies:
► Amount increased to €20m before tax in 3 years
(vs. €15-18m before tax initially)
► Synergies from 3 sources:
- Insourcing of third-party funds (as funds of funds) and
investment management delegations
Cost optimisation (e.g. migration of Sabadell AM to
Amundi's IT platform)
Acceleration of Sabadell AM's expansion (as a reminder,
in 2019, Banco Sabadell's market shares were about 8%
in retail banking vs. about 6% in financial savings)²
► Phasing of completion:
2021: 50% of synergies
2022: 100% of synergies
The deal fully meets Amundi's financial criteria for acquisitions:
Accretive to Amundi's adjusted EPS of around +5% on full year basis after recognition of 100% of synergies
Return on investment greater than 10% within three years
1. Spanish domiciled funds. - 2. Source: Banco Sabadell and Bank of Spain. 3- before the amortisation of the distribution agreement with Banco Sabadell of €8m net of tax
Amundi
46 Amundi Investor presentation | November 2020
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