Credit Agricole Asset Management sees 11.6% rise in funds under management
FRANCE - Credit Agricole Asset Management Group delivered healthy growth for 2006, increasing assets under management from €479.3bn at end 2005 to €534.8bn at end 2006.
International subsidiaries accounted for approximately 40% of net new money and CAAM now claims to be the largest foreign asset manager in Spain.
Italian operations seem to have lowered aggregate growth for Credit Agricole's asset management business: assets were up 15.7% excluding Italy compared with 12.2% including Italy.
CAAM has a joint venture pending with Agricultural Bank of China.
CAAM still manages the majority of clients' savings in bonds and cash. Equities account for just 15%, or €80.6bn, of total assets.
Bonds account for 43% and money markets for 13%.
Structured products account for 5%, or €27.9bn, while the rest is spread between diversified and specialised products.