Citigroup asset management income rises 4%
GLOBAL – Citigroup has reported a four percent rise in asset management net income for the fourth quarter, as well as a 13% rise in assets under management.
The group said that income for asset management, which includes retirement services, was 113 million dollars in the period, a four percent rise over the year ago period. Revenues at the unit rose nine percent 9%, partly due to higher equity markets.
Assets under management grew 13% to 521 billion dollars – “boosted by positive market action and 12 billion dollars in cumulative net flows”.
Transaction Services’ income was up 48% at 183 million dollars, a 48% increase over the fourth quarter of 2002. Revenues rose three percent “led by higher volumes in Global Securities Services and the contribution of new customer relationships”. Assets under custody rose 25%.
Income for Europe, the Middle East and Africa fell 42% to 352 million dollars – hit by 236 million dollars of losses related to Parmalat.
Overall, the New York-based bank said net income rose 96% to 4.76 billion dollars from 2.43 billion dollars a year earlier. Total revenues rose nine percent to 77.4 billion dollars.
“Citigroup's record 2003 performance exemplifies the earnings power of our best-in-class businesses and the strength of our extraordinary model,” said chief executive Charles Prince.