FRANCE – Société Générale Asset Management gained €11.6bn in net inflows in the second quarter, which works out at a 12% annualised growth rate.
Structured products accounted for 55% of the inflows, the bank said in its earnings statement. Assets under management rose to €298bn at the end of June, from €263bn a year earlier. Net income at asset management was up 10.7% at €259m.
Assets under custody at Global Investment Management and Services rose 16% to €1.275trn. GSSI’s net income rose 21.9% to €117m.
The number of funds administered by GSSI’s global custody division rose 13% in the year.
Earlier, rival bank BNP Paribas had reported a €3bn net new inflow into its asset management arm in the second quarter. This took the unit’s assets under management to €167bn.
Asset management and services had a pre-tax income of €375m, up 28.9% on the year before.