SGAM gains €4bn in assets
FRANCE - Société Générale’s asset management arm SGAM had net inflows of €4bn in the first quarter of 2005.
The French bank said the inflow represented an annualized growth rate of 6% in assets under management at Société Générale Asset Management. The inflow was “underpinned by the dynamism of TCW and a significant contribution by Asia”.
Assets under management at SGAM have risen to €275,1bn at the end of March, from €252.9bn a year earlier. Net banking income at the unit rose 19% to €269m.
Assets under custody rose 10% to €1.18trn. The number of funds administered by the global custodian sub-division of the SG GSSI unit rose by 16%. Overall, the bank’s net income rose 40.6% to €1.2bn.
Meanwhile, Fortis Investments had a net inflow of €3.3bn in the first quarter – taking total funds under management to €96.5bn. Fortis’ net profit rose 6% to €1.5bn