FRANCE – Credit Agricole says its asset management arm gained almost €21bn in inflows in the first half of the year.

In asset management, growth in assets under management was particularly robust (+15% excluding intragroup transfers), amounting to €395.8bn at end-June 2005, an increase of €41.5bn compared with the first-half of 2005,” the bank said.

It said this was due to nearly €21bn in inflows – including €12bn in the second quarter as well as €20.7 in positive market effects.

“Most new inflows were focused on bonds and alternative funds,” it said.

The bank added that it has created a division of the asset management business line called CASAM which combines the expertise of CAAM and investment banking unit Calyon in structured products which started at the start of this month.
And CACEIS, Credit Agricole-Caisse d’Epargne Investor Services began on August 31.

The 2005 financial year is the first full year since the acquisition of rival Credit Lyonnais was finalised. Its total net income came in at €960m, a rise of 6.1%.

“All the profitability targets set at the time of the offer for Credit Lyonnais were exceeded in the first half of the year,” said chief executive Jean Laurent.