GLOBAL - As banks continue to post third quarter trading results, the picture that has emerged has been very mixed, with third quarter losses balanced by overall year-to-date profits and strong performances in other divisions.
American International Group (AIG) posted a fall in net income for the third quarter of US$3.09bn, representing a 27% drop on the same time last year. However, year to date net earnings at the end of September remained strong, up 8.3% $11.49bn and the asset management division reported “strong operating income growth”.
Commenting on the results, Martin Sullivan, president and CEO AIG, said: “While US residential and credit market conditions adversely affected our results, our active and strong risk management processes helped contain the exposure.”
BNP Paribas posted a 12.6% rise in revenues for the period, to €7.6bn ($11.1bn) with only a €301m ($441.4m) write down as a direct result of US sub-prime exposure.
However, as Global Pensions reported back in August, BNP Paribas temporarily closed three funds exposed to the sub-prime crisis in order to weather out the sub-prime storm. The three funds had a collective exposure of about a third and were reopened at the end of August.
Morgan Stanley also released its third quarter results, showing a total sub-prime exposure $12.3bn, causing revenues to fall by $3.7bn. Again, Morgan Stanley reaffirmed strong performances in other areas, and stated it expected to “deliver solid results” subject to market conditions.
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.