NETHERLANDS - ABN AMRO posted a 9.7% increase in assets under management to €193bn in 2006.
The operating income of the bank’s asset management operations was up by 16.3% to €828m. This reflected the significant increase in new net money which was up by €14.9bn in 2006.
By selling its domestic asset management activities in Taiwan, ABN AMRO saw a gain of €38m over the year.
The bank incurred €1.3bn in additional expenses due to the consolidation of the Italian bank, Antonveneta, acquired in 2006. Pending approval from the revelant authorities, 55% of the AuM from the former joint venture with the bank will be transferred to ABN AMRO Asset Management.
At the beginning of the year the AuM from ABN AMRO Infrastructure Capital Management in London were also to be transferred to the asset management part of the business.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.