FRANCE - In its third quarter results, Crédit Agricole Asset Management (CAAM) has reported assets under management (AUM) of €522.2bn.
This represents an increase of €17.3bn (3.4%) on AUM at end of June 2006 and €120.1bn (29.9%) on AUM at Q3 2005.
The majority of Q3 inflows came from specialised and fixed-income funds, stated the report. In fact, diversified, structured and specialised funds accounted for 30% of AUM as compared to only 21% last year.
Q3 saw CAAM launch the "Egeris Objectif CAC 7000" fund, with a stepped management system, and the first variable annuity fund under Japanese law (launched by CA Life Japan for customers of Resona Group).
Also, in September, Crédit Agricole Structured Asset Management (CASAM) aqcuired Ursa Capital - the holding company of US-based investment advisers Starview Capital Management and Lyra Capital - in a deal worth between US$57m and $80m. The resulting company is called CASAM Americas.
The group Crédit Agricole reported gross operating income for the year to date of €4,470m (up 34.7% on 2005) and for Q3 of €1,293m (up 18.8% on Q3 2005).
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers