FRANCE - Credit Agricole has attributed new asset management inflows of e22.7bn in the first quarter of 2006, in part, to its specialised institutional funds, the VaR range.
Assets under management in the division were up 40% over one year. With the acquisition of 65% of Nextra, the percentage of AuM abroad rose to 22% from less than 9% a year earlier.
Alternative investment was reported to be expanding rapidly, accounting for 12% of the portfolio in the Q1 2006 compared with 7% in the same period in 2005.
Credit Agricole’s asset management, insurance and private banking division saw its AuM rise by 37.7% over one year to e593bn, while net income jumped by 30.1% to e377m.
The group’s net income was nearly e1.4bn (e1.385bn), up 53% on Q1 2005.
This was said to reflect solid growth in gross operating income, 46.7%, persistently low risk-related costs, and an increase of 44.6% in the contribution from equity affiliates.
Chairman René Carron said Crédit Agricole’s overall performance in the quarter surpassed targets under the development plan.
“These results, which were aided by favourable business conditions, attest to the viability of our policy of controlled growth,” he added.
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