Cyril Meilland arrives at Amundi’s Finance Department – 01/02/2023 at 15:31

Cyril Meilland arrives at Amundi’s Finance Department – 01/02/2023 at 15:31

(AOF) – Cyril Meilland has been appointed Head of Investor Relations and Financial Communication, within the Financial Department of Amundi. Cyri Meilland was previously Head of Key Account Partnership Strategy within the Distribution & Wealth division since January 2021. He has over 30 years of experience in the banking sector. At the start of his career, he held various positions, notably in the financial department of Banque Indosuez (now CACIB).

He was also an equity analyst and head of the European banking sector research team at Lehman Brothers and Kepler Cheuvreux. He also worked in the investor relations team of the BNP Paribas group.

In 2015, he became head of financial communication and investor relations at Amundi and led financial communication in the context of the IPO.

He then held various positions at Crédit Agricole: first responsible for financial communication and investor relations at Crédit Agricole SA between 2016 and 2019, then director of the cabinet of the group’s general manager from 2019 to 2020.

Cyril Meilland is a graduate of the Ecole des Hautes Etudes Commerciales (HEC), and holds a Master’s degree in Management of Banking and Financial Institutions from Paris Dauphine-PSL University. He is CFA certified.

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Key points

– First in Europe and eighth worldwide in asset management with €1,895 billion in assets, resulting from the merger of the management activities of Société Générale and Crédit Agricole;

– Activity focused on Europe, particularly France (48% of outstandings), ahead of Italy (10%), rest of Europe (17%) and Asia (18%);

– Balance of the client base: insurers (23%), institutions and sovereigns (24%), third-party distributors (16%), joint ventures (14%), international networks (8%), French networks (6%) ;

– Economic model based on an independent IT platform, multiple distribution channels for the 100 million customers in 36 countries and an organization in 3 divisions – the French subsidiaries (including CPR, BFT, Etoile gestion, etc.), the international subsidiaries and the joint ventures (the Chinese ABC-CA or BOC, the Indian SBI, the Korean NH, etc.);

– Capital 69.5% owned by Crédit Agricole, the 15-member Board of Directors being chaired by Yves Perrier, Valérie Baudson being Chief Executive Officer;

– Solid financial position, rated A+, the best in the sector, with tangible equity of €3.5bn and a CET1 ratio of 16.1%.

Challenges

– Strategic ambitions for 2025:

– approximately 5% average annual growth in net income,

– operational efficiency with maintenance of a cost/income ratio after synergies drawn from the acquisition of Lyxor (return on equity of +10%),

– payout rate of at least 65%,

– excess capital expected at approximately €2 billion, used to finance external growth operations or returned to shareholders;

– “Ambition 2025” environmental strategy, the group being the world leader in responsible social investment with ESG assets of €847 billion:

– ESG integration in open portfolios managed with an ESG performance objective, alongside the financial objective,

– consideration of ESG factors in dialogue with companies in terms of voting and engagement;

– savings in the service of sustainable development – net-zero products in active management, €20 billion in assets in impact solutions, 40% of ETFs in ESG and deployment of the decision support solution for ESG issues “Alto sustainability »,

– integration of ESG criteria in compensation, 30% reduction in CO2 emissions per employee;

– Success of Amundi Technology, a business line of technological products and services, in strong growth (45 clients at the end of September) reinforced by the acquisition of the Austrian company Savity;

– European number 1 in ETFs with the integration of Lyxor, a specialist in alternative management.

Challenges

– Strong disparities between customer segments, retail being the best remunerated;

– After stable earnings, a 4.7% increase in assets under management and an improvement to 53.7% in the cost/income ratio at the end of September, the ability to maintain an increase in inflows.

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