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 PPF 7800 deficit was slashed in half last month as gilt yields rose. Victoria Ticha asks if this is the start of a longer trend
Frank Field is to warn Sir Philip Green not to sell his Arcadia business without ensuring defined benefit (DB) pensions are adequately protected, PP can confirm.
Some 79% of people would like to see stricter rules and checks to ensure pension pots are secure, according to a survey by the Pensions and Lifetime Savings Association (PLSA).
An analysis of IGC annual reports finds some lacking in information on value for money, costs and charges, and investment performance. James Phillips explores the findings