CSAM gains E845m in assets under management
SWITZERLAND – Credit Suisse Asset Management gained 1.3 billion Swiss francs (845 million euros) in new assets under management in the second quarter – compared to a 1.9 billion-franc outflow a year before.
CSAM’s revenue rose 19% to 588 million francs from 495 million francs in the prior-year period.
Assets under management rose three percent to 424.7 billion francs from 412.7 billion francs at the end of 2003.
Parent Credit Suisse said its wealth and asset management unit, which includes CSAM, as well as private client services, had a net income of 301 million francs, up 18% on the prior year quarter’s 254 million francs.
It said: “This was principally due to increased investment related gains, asset management and administrative fees, and other revenues.”
The Zurich-based bank has also made some management changes at its Winterthur life and pensions arm.
Winterthur’s chief financial officer John Dacey will be replaced by Hans Ulrich Lienau, former CFO at GE Frankona Re Group. Heinrich Linz was named to the new post of head of corporate center – he joins from Allianz, where he was head of special projects.
CS said its Life & Pensions arm reported net income of 206 million francs in the first half of 2004, compared to a net loss of 1.82 million francs a year earlier.
Overall, Credit Suisse reported total group net income of 1.1 billion francs for the quarter.