UK - MERRILL Lynch Investment Managers has posted its fifth consecutive year-on-year rise in quarterly earnings.
MLIM said its $110m (£59m) second quarter pre-tax earnings were 77% up on the second quarter of 2003 and were the second highest quarterly earnings it had recorded for two years.
Net revenues increased 18% to $389m (£209m), driven primarily by increased asset values and improvement in the mix of assets under management.
MLIM’s pre-tax profit margin was 28.3%, up nearly 10 percentage points from 18.8% for the same period last year.
MLIM also said investment performance had exceeded its expectations. More than 70% of MLIM’s global assets under management beat their respective benchmarks or medians for the one, three and five-year periods ended May 2004.
One disappointment for MLIM was the fact that its total assets under management fell during the second quarter to $488bn (£263bn), compared to the $513bn (£276.5bn) it had at the end of first quarter.
MLIM attributed the fall to outflows from US institutional cash products as short-term interest rates rose, which “more than offset” the net inflows it had into its equity products.
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