GLOBAL – ABN Amro’s client assets under management slipped 2.4% in the third quarter, hit by lower equity markets and foreign exchange movements.

Assets under management fell to 162 billion euros from 166 billion euros at the end of the second quarter – although the figure was 3.8% up on the 156 billion-euro number a year ago.

The bank said the lower AUM was “partly due to lower equity market levels and adverse foreign exchange movements”. Net profit at the unit rose 31.6% to 25 million euros while revenue was up 12% at 140 million euros.

Mandate composition was stable at 52% institutional, seven percent private clients and 41 funds. The asset mix was also steady at 45% equities, 41% fixed income and 14% cash.

Overall, the bank’s net profit rose 26.3% over the prior-year period to 1.05 billion euros. “The group’s operating result in the third quarter was satisfactory,” it said in a statement.

Last month ABN Amro said it would sell its domestic custody businesses in a number of countries to Citigroup.

Meanwhile, the bank’s custody venture with Mellon Financial has realigned its securities lending team.

It has named Rob Coxon, who joined Mellon in 1997, as head of international lending, a new function. He will report to Jamie Ball, head of ABN Amro Mellon Capital Markets. It added that international assets within its securities lending programmes have grown by over 50% to 180 billion euros since the launch of the company.