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Citigroup Europe investment management earns $9m

EUROPE – Citigroup’s investment management activities in Europe had a net income of nine million dollars (7.5 million euros) in the first quarter, from a three million-dollar loss a year before.

The bank said in its first-quarter earnings release that net income at its Europe, Middle East and Africa regional unit rose 24% to 477 million dollars. Investment management accounted for nine million dollars.

Within the Global Investment Management segment, income at asset management – which includes Retirement Services - was up 27% at 105 million dollars. Revenue rose 28% to 471 million dollars. It had cumulative net inflows of 18 billion dollars. Assets under management rose 15% to 530 billion dollars.

Transaction services income rose 23% to 234 million dollars on revenue that was up four percent at 939 million dollars. Revenue at the arm was “led by 20% growth in global securities services revenue”. Assets under custody rose 27% to 6.6 trillion dollars.

Overall, the bank’s first-quarter income rose 29% to a record 5.27 billion dollars, with revenue up 16% at 21.49 billion dollars.

"Citigroup's record first quarter performance demonstrates our unique ability to capitalize on the continued strengthening of the global economy,” said chief executive Charles Price.

“We achieved double-digit income growth in each of our nine products as well as in every one of our regions.”

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