04/09/2012
Asset management unit at La Banque Postale shows poor results for first half
In its half-yearly financial report, published on 31 August, La Banque Postale reported a decline in net banking proceeds from its asset management activities of nearly 12%, to EUR60m, compared with EUR68m one year earlier.The net banking proceeds for La Banque Postale Asset Mangement fell 2.8% to EUR45m, “Equity assets at LBPAM suffered from falling equity markets in second quarter, while money market mutual funds did well,” the bank notes. Inflows to the segment form institutional clients have brought assets under management to EUR128bn as of the end of June 2012, the bank says.Assets and inflows at Toqueville Finance were below expectations, which has resulted in a decline of EUR4m to EUR9m in net banking proceeds for Tocqueville compared with June 2011, the document states, adding that profits at Tocqueville are now 90% integrated into La Banque Postale, following the departure of former director Marc Tournier, who controlled 15% of the firm.Management mandate activities, for their part, are down, resulting in a decline in net banking proceeds at La Banque Postale Gestion Privée of EUR2m, to EUR8m. In the new future, this area of activity may see modifications to its perimeter. Les Echos newspaper reports on 25 July that La Banque Postale has been in talks with Crédit Mutuel Arkéa to acquire its private bank for high net worth private clients.Lastly, in its semiannual financial report, La Banque Postal claims that it has brought costs under control (-EUR7m), which has allowed the asset management sector to earn a stable net profit as a part of the group compared with first half 2011 of EUR17m.
