Global asset managers Barclays Global Investors (BGI) has posted stable 1H results, with total assets under management falling slightly - less than 1% - to £548bn, compared with £550m during the same period last year.
Assets under management consist of £455bn of indexed funds and £93bn under advanced active management.
Operating profits of £33m were also at a similar level to the first six months of 2000.
According to the BGI, revenue growth was driven by new client asset levels and cross-selling, strong active investment performance and new revenues from strategic investment initiatives, such as global securities lending, transition services and exchange-traded funds.
Fees and commissions increased by £53m or 27% to £249m despitelower market levels. Total costs also increased £52m, or 31%, reflecting an increase in headcount and compensation costs and an increase in strategic and systems investments.
Commenting on performance, Matthew Barrett, group chief executive, said: Barclays Global Investors achieved significant growth in client and product activity. While the global markets are down 13% in the last 12 months, income increased 25%, reflecting enthusiasm for the firm’s offerings.
“Despite the continued strong investment in expanding the business and the decline in equity markets, results were held at a similar level to last year.
Earlier this year BGI sold its US asset administration unit to financial administration provider Investors Bank & Trust Company (IBT). The move helped strengthen focus on its core competencies of product development and investment management, added the firm. By Madhu Kalia
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