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Credit Agricole AM in E12bn asset boost

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FRANCE – Assets under management at Credit Agricole‘s asset management business rose by 12 billion euros in the fist half – boosted by institutional and corporate inflows.

“In the asset management business, assets under management totalled 317.4 billion euros at June 30 2004, an increase of 18.3 billion euros during the first half taking into account the harmonisation of counting methods introduced at the time of the CA-AM/CLAM merger,” the bank said.

“This increase in assets under management in the first half of 2004 was due to strong net new inflows of 12 billion euros, mainly from corporate and institutional customers and focusing on bond and alternative investments, which accounted for 42% of net new inflows.” Market gains accounted for a rise of 6.3 billion euros.

“Assets under management outside France, which account for 8.6% of the total, grew very strongly in the first half, rising by 64.3%, mainly due to business growth in Asia, Spain and the UK.”

The asset management business posted first-half gross operating income of 226 million euros, a 32.9% increase.

Total assets under management at the group rose 12.4% to 401.2 billion euros.

Overall, the bank said second-quarter profit rose 31% to 569 million euros from 433 million euros a year earlier. Revenue fell 3.3%.

The bank, bought Credit Lyonnais for 16 billion euros last year and merged Credit Agricole Asset Management and Credit Lyonnais Asset Management earlier this year.

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