FRANCE - Société Générale has posted its third quarter results, showing sub-prime related losses and poor performance as a result of the turbulent summer in the asset management division, but an over all increase in assets under management.
Third quarter outflows were €12.6bn (US$18.5bn) against inflows of €5.6bn ($8.2bn) for the same period last year. The majority of these outflows (€7.4bn, $10.9bn) were incurred through withdrawals from the dynamic money market funds.
A further €4.2bn ($6.2bn) of outflows were caused by the termination of three contractualised debt obligations (CDOs).
Gross operating income fell slightly under 45% against the same period last year, while net income fell by almost half (47.8%) to €40m ($58.8m)
Assets under management rose €29.6bn ($43.6bn) over last year, to €374.6bn ($551bn).
Royal London saw its new group pension business decline over the first half of 2018 as the rollout of auto-enrolment (AE) drew to a close, according to its interim results.
Now Pensions has made "huge progress" in resolving legacy administration issues - switching systems and completing unit adjustment for a "large proportion" of members, it says.
Trustees of the Airways Pension Scheme (APS) will not make a firm decision on whether to appeal the Court of Appeal's judgment on discretionary increase payments until September.
Accountant Hashmukh Shah has pleaded guilty to deliberately providing false information to The Pensions Regulator (TPR) when stating a pension scheme had been set up for staff of a London-based restaurant.