SWEDEN - Handelsbanken Asset Management (HAM), a unit of Svenska Handelsbanken, posted positive figures for Q1, 2002, despite the Group's overall profits slumping by 20% for the period.
The asset management arm comprises fund management, discretionary management and institutional custody services.Total income for the unit was up 13% to SEK283m, compared with SEK251m for the corresponding period, 2001. But the Group’s overall profits were down to SEK1,868m, against 2001’s figure of SEK2,331m.
Operating profit was also up for the unit at SEK142m (SEK115m, 2001). HAM blamed weak stock markets for its falling volume of managed assets, but this was offset by new management assignments.
Last year, the division undertook a reorganisation resulting in higher staff costs. This contributed to the 8% rise in expenses to SEK147m.
The volume of asset managed by HAM was SEK247bn, compared with SEK145bn for last year.
Total volume of assets under management by the Group was SEK294bn, up from SEK196bn on Q1, 2001.
By Madhu Kalia
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