ABN Amro's asset management Q3 revenues up
NETHERLANDS – ABN Amro Asset Management has announced its third quarter results with a 4.2% increase in revenues.
Compared to the second quarter, revenues increased to 125 million euros in the third quarter. ABN attributes the increase primarily to “an increase in commissions, reflecting the higher level of assets under management and the improved margins as result of changes in the asset mix.”
AS of 30 September 2003, assets under management amounted to 156 billion euros – an increase of 1.3% since the end of the second quarter. The asset mix was 47% in equities, 40% in fixed income and 13% in cash and other.
ABN Amro Asset Management’s client composition remained stable, with 55% of mandates from institutional clients, 7% from private clients and 385 in funds.
Operating expenses decreased to 96 million euros during the third quarter as a result of cost control.
The higher revenue and lower expenses resulted in a 31.8% increase of the operating result to 29 million euros compared to the previous quarter. The efficiency ration improved for the second consecutive quarter by 4.9% to 76.8%.
According to IPE magazine’s European Leaders supplement 2003, ABN Amro Asset Management ranks second in the Dutch asset manager market in terms of assets under management. In Europe, the company ranks 40th.