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).
The Brunel Pension Partnership has become the fourth local authority pool to receive the green light from the regulator.
Defined benefit (DB) schemes are to be offered a new consolidator as the former chief of the Pension Protection Fund (PPF) launches 'The Pension SuperFund'.
Martin Freeman has been hired as head of technology product and development at Smart Pension, to support the 'growing' technology product side of the business.
Tim Sharp says the government has missed some big opportunities to help workers in the DB white paper.