UK – The largest manager of European pension fund assets, Barclays Global Investors, has seen its assets under management tumble by 90 billion pounds (142 billion euros) - almost 17% - in the first nine months of 2002.

Barclays Plc said in a statement that its BGI division, which controls 147.9 billion euros in European pension fund assets, saw its total assets under management decline to 440 billion pounds ( 693 billion euros) as at September 30. This represents a 16.98% decline from the 530 billion pounds (835 billion euros) total reported at the end of 2001.

The fall reflects 42 billion pounds of net new assets offset by 107 billion pounds attributable to adverse market movements and 25 billion pounds from foreign exchange rates.

“Although the rate of growth moderated to the first half of 2002, fees and commissions in Barclays Global investors were higher than in the eqqivalents period in 2001,” barlcyas added.

The higher fees and commissions refected expansion in the advanced active bunsiness and the growth of exchange traded funds business.

The bank expected its full-year pre-tax profit to be “within existing market forecasts. Although at the lower end of the range”.