Union Investment saw its assets under management fall to €170.3 billion at the end of last year, down from an all time high of €177.4 billion in the previous year.
Profits fell from €372 million to €266 million over the same time, while the business suffered outflows of €1.5 billion, compared with inflows of €8.7 billion in the previous year.
"We are satisfied with our performance last year because we continued to demonstrate our resilience despite the tough market conditions", said Hans Joachim Reinke, chief executive officer.
Despite the fall in profits, Reinke said profits were the fourth highest in the company’s history.
Reinke also said investors were “mainly reacting to external factors such as Japan's nuclear disaster” in March and the “slide in share prices starting in August, which was triggered by market participants' nervousness in the wake of the sovereign debt crisis".
©2012 funds europe