BGI sees pre-tax profit fall by 19%
GLOBAL - Barclays Global Investors profit before tax decreased 19% in 2008, to £595m (US$888m) from £734m posted in 2007.
The company said its profit was hit by the cost of provision of selective support of liquidity products of £263m and an 8% appreciation in the average value of the US dollar against sterling.
Income declined by 4% to £1,844m, while operating expenses increased 5% to £1,249m. BGI said operating expenses included charges related to selective support of liquidity products partially offset by a reduction in performance related costs.
It said total assets under management remained flat at £1,040bn - compared to £1.044bn last year.
Barclays - of which BGI is the asset management arm - reported a 2008 £6.1bn profit before tax.
Income declined by 4% to £1,844m, while operating expenses increased 5% to £1,249m. BGI said operating expenses included charges related to selective support of liquidity products partially offset by a reduction in performance related costs.
It said total assets under management remained flat at £1,040bn - compared to £1.044bn last year.
Barclays - of which BGI is the asset management arm - reported a 2008 £6.1bn profit before tax.
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