GLOBAL - Lehman Brothers says it had a net inflow of $35bn (€26.5bn) of assets under management in the year ended November 30, up from $26bn a year before.

The firm said net additions of $35bn and market appreciation of $15bn took its total AUM to $225bn at the end of the period. It had $10bn of net additions in the fourth quarter alone.

Asset management revenue in the fourth quarter rose by 38% to $368m from $265m. For the year it was up to $1.43bn from $1.03bn.

Net income for asset management was $379m in the quarter, up from $248m. It rose in the year to $1.41bn from $944m.

Overall, Lehman reported fourth-quarter net income of $1.0bn, a rise of 22% on the 2005 figure. Net revenues were up 23% at $4.5bn.

"Once again, we have achieved outstanding results across all our business segments and geographic regions this year," said chief executive and chairman Richard Fuld.

"Our record performance is the result of our client-focused strategy and our continued investment in strategic areas that enable us to deliver the best capabilities, intellectual capital and solutions to our clients. As always, our success is a tribute to how well our people continue to work together across the Firm to deliver superior value to our clients and shareholders."

Yesterday IPE reported that Lehman Brothers Asset Management had hired Olaf John as its new head of distribution for Germany and Austria.