FRANCE - Société Générale (SocGen) saw its net income fall 20% to EUR2.15bn in 2001, despite strong growth from its asset management division.
Daniel Bouton, SocGen chairman, labelled the group’s performance as “robust” despite the massive fall in income. Asset management provided reason for cheer, with fourth quarter income up 39% compared to the previous year. Over the full year, fund management income stood at EUR200m, up 4% on 2000.
The net inflow of new money registered by fund management in the fourth quarter totalled EUR4.6bn, with the largest part being accounted for by US fund manager TCW, which it acquired last year. Assets under management stood at EUR258bn at December 31, 2001 compared to EUR166bn the previous year.
Other SocGen highlights include the October launch of the first mutual employee savings plan for small to medium size enterprises in France and the further development of alternative investment capabilities. The integration of TCW enabled it to make “significant” fourth quarter cost savings due to the transfer of SGAM’s existing American operations to London.
By Geoffrey Ho
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