Crédit Agricole reports loss after restructuring

RestructuringCrédit Agricole reported a net loss of €6.5 billion for 2012, following major restructuring in southern Europe. While its asset management arm Amundi attracted net inflows of €15.2 billion, its asset servicing arm Caceis saw margins squeezed. The French bank says in a statement it “further stepped up to refocus its assets in southern Europe”. Losses were partly a result of the sale of its Greek subsidiary Emporiki Bank, which was completed during the second half of the year. Crédit Agricole also sold its entire stake in Intesa Sanpaolo, a banking group in Italy, and sold its investments in BES Vida while maintaining its ownership interest in BES bank. Its investment in Spain’s Bankinter was reduced from more than 20% to 15.1%. “These [major strategic measures] were carried out following in-depth work to adjust to the new financial and regulatory environment and included the disposal of non-core businesses, valuation adjustments in respect of balance sheet assets and operating efficiency enhancements,” the statement says. Its asset management arm Amundi saw net inflows of €15.2 billion, with €18.8 billion coming from institutional and corporate segments, €2 billion from third-party distributors, and €5.2 billion from employee savings schemes. Assets under management stood at €727.4 billion at the end of December, a 10.4% rise compared to the year earlier. Its asset servicing arm Caceis saw assets under custody rise by 10.3% to €2.5 trillion and assets under administration rise by 20.3% to 1.3 billion. Caceis group share of net income declined by 36.4% year-on-year in the fourth quarter to €25.9 billion. Crédit Agricole says the combined effect of pressure on margins and tightening spreads on cash caused this. ©2013 funds europe

Executive Interviews

INTERVIEW: Put your money where your mouth is

Jun 10, 2016

At Kempen Capital Management, they believe portfolio managers should invest in their own funds. David Stevenson talks to Lars Dijkstra, CIO of the €42 billion manager.

EXECUTIVE INTERVIEW: ‘Volatility is the name of the game’

May 13, 2016

Axa Investment Managers chief executive officer, Andrea Rossi, talks to David Stevenson about bringing all his firm’s subsidiaries under one name and the opportunities that a difficult market...


ROUNDTABLE: Beyond the hype

Oct 13, 2016

The use of smart beta investing continues to grow. Our panel, made up of both providers and users, discusses what the strategy actually means, how it should be used and the kind of pitfalls that may arise when using this innovative investment technique.

MIFID II ROUNDTABLE: Following the direction of travel

Sep 07, 2016

Fund management firms Aberdeen and HSBC Global meet with specialist providers to speak about how the industry is evolving towards MiFID II.