GLOBAL – Client assets under management at ABN Amro’s asset management businesses have risen 12.2% in a year – boosted by the UK, Netherlands and Nordic regions.

Assets under management rose to 166 billion euros at the end of March 2004, from 148 billion euros a year ago.

“The Business Unit Asset Management showed a strong performance in the first quarter of 2004,” the bank said in its latest earnings report. “Compared to the first quarter of last year, revenues increased by 32.1% to 144 million euros.”

“The improved performance was particularly noticeable in the Unite Kingdom, the Nordic region and the Netherlands.” Net profit at the arm more than doubled to 30 million euros.

“Revenues were positively impacted by a one-off gain in relation to the sale of the Czech Pension Fund,” it added. Asset management staff numbers have fallen 4.8% since the end of the first quarter 2003, to 2,064.

The bank’s Bouwfonds real estate arm posted a net profit of 69 million euros, up from 40 million euros a year ago on revenues up 41.1% to 158 million euros.

Overall, the bank reported net profit up 35.4% at 934 million euros. Revenues rose 5.4% to 4.7 billion euros.

“Higher revenues from wholesale clients as well as new growth markets, private clients and asset management offset lower mortgage revenues as compared to the first quarter of last year,” said chairman Rijkman Groenink.

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