FRANCE - Credit Agricole's asset management division today reported an increase of e9 bn in assets under management for the second quarter of 2006, taking it to a total of e520bn.
According to the results the asset management division preformed well in both its home market of France as well as attracting assets from abroad. Over the period CAAM became the largest foreign asset management company in Spain with inflows of over €3.2 billion in the first half of the years.
Total new inflows in the first half of the year were €31.7 billion, accounting for 13% of annualised assets under management, mainly in specialised funds (64% of inflows) and bond funds (25%).
Credit Agricole, chief executive officer Georges Pauget commented: “The robustness and quality of these results, to which all business lines have equally contributed, confirm the dynamics of our commercial development, already well underway, both in France and internationally, and which we will pursue in the same vain, combining financial discipline and efficiency.”
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