Dexia AM adds €6.5bn in institutional assets
EUROPE - Dexia Asset Management gained a net €6.5bn in new institutional assets in the second quarter of 2006.
"Net new cash came mainly from institutional clients (€6.5bn), and to a lesser extent from mutual funds catered to the retail clientele (€0.4bn) and from private mandates (€0.4b)," Dexia said.
"Total assets under management with institutional mandates reached €25.7bn at the end of the second quarter, a 18.1% increase compared to the level reached by the end of 2005." Institutional funds have risen 6.9% to €21.7bn from the end of 2005. Total assets under management reached €97.3bn as of June 30, up 19.5% in a year.
First-half asset management net income was up 27.9% at €48m, while revenues rose 34.9% to €121m.
Total assets at its securities services venture RBC Dexia investor Services rose 5.2% in three months to $2.1trn due to "strong organic growth".
Overall, Dexia's second-quarter net income was up 15.2% to €584m.
Separately, the bank said it would raise around €1bn from institutional investors to finance part of its previously announced acquisition of Turley's DenizBank. Credit Suisse and Dexia Bank were named as global coordinators for the offering, with Credit Suisse, Dexia, Goldman Sachs and JP Morgan acting as joint bookrunners.
Elsewhere, Credit Agricole disclosed that it had a net inflow of €9bn into its asset management division in the second quarter - taking first-half inflows to €31.7bn.