Credit Agricole reports record new inflows (corrected)
FRANCE – Credit Agricole saw record new business inflows of more than €55bn, resulting in a 38% increase in assets under management to €563bn, excluding double counting, according to group results for 2005 (corrected).
The asset management division posted a 22% increase in assets to €423.2bn excluding Nextra. The figure stands at €491.2bn including Nextra.
Net inflows to asset management exceeded €35bn, after €15bn in 2004. The increase in market values contributed an additional €41bn.
The group said its strategy of expanding outside France “continued to bear fruit”, as its international subsidiaries generated nearly 50% of net inflows.
“This strong business momentum was thanks to the rationalisation of mutual fund offerings, continued innovation and enhancement of the product range,” Credit Agricole said.
In private banking, assets rose by more than 13% to €80bn, with 65% of this coming from international operations. Last year, the group completed a merger of its private banking units in Switzerland and Luxembourg.
On the asset management side, there was an agreement with Banca Intesa to acquire 65% of Nextra Investment Management, which was previously wholly owned by Intesa.
Also there was the creation of Credit Agricole Structured Asset Management as a 50/50 joint venture with Calyon.