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Carige A.M. SGR
As at 31 December 2008, Carige A.M. SGR SpA manages 18 Funds (17 of which targeted at retail clients and one reserved to institutional investors), the 4 sub-funds of the Fondo Pensione Aperto Carige as well as the portfolios of products delegated for the management of the related financial resources; specifically, the Asset Managementi lines of the Parent Bank, the 3 lines of the insurance fund “Gestlink” and the 5 lines of the fund “Rosa dei Venti”, launched at the beginning of 2008 by Carige Vita Nuova.
Overall assets under management amounted to roughly € 4.3 billion, down by 35.7% during the year, due to the unfavourable conditions in the financial markets that affected the performance of assets under management in particular.
This trend reflects additional growth of the Fondo Pensione Aperto (+18.9%) and the fall in the volumes of other products: mutual funds (- 33%), assets managed (-58.8%) and insurance products (-28.9%).
The net profit amounted to € 2.2 million (€ 3.2 million in 2007, -31.3%). The gross margin stood at € 9.2 million, constituted by € 41.5 million in commission income and € 32.3 million in commission expenses. The company recorded investment revenues of € 0.5 million, while operating costs totalled € 6.4 million.
Profit from operating activities was € 3.4 million. After taxes of € 1.2 million, the profit for the year amounted to € 2.2 million.
As well as the General Manager, staff was made up of 29 employees seconded by the Parent bank.
CARIGE A.M. SGR
| (figures in thousands of €) |
Situation as at | Change % | ||||
|---|---|---|---|---|---|---|
| 31/12/08 | 30/9/2008 | 31/12/07 | 31/12/06 |
12/08 | 12/08 12/07 |
|
| DEALING | ||||||
| Assets under management | 4,253,490 | 4,882,903 | 6,618,640 | 7,359,913 | -12.9 | -35.7 |
| - Mutual funds | 3,498,353 | 4,102,634 | 5,219,184 | 5,591,428 | -14.7 | -33.0 |
| - Assets management (customer assets) | 424,349 | 436,003 | 1,030,055 | 1,399,677 | -2.7 | -58.8 |
| - Insurance products (customer assets) | 161,141 | 182,656 | 226,771 | 259,654 | -11.8 | -28.9 |
| - Pension funds | 169,647 | 161,610 | 142,630 | 109,154 | 5.0 | 18.9 |
| Total assets | 17,285 | 17,175 | 21,919 | 20,326 | 0.6 | -21.1 |
| Capital and reserves | 6,353 | 6,364 | 6,204 | 5,958 | -0.2 | 2.4 |
| INCOME STATEMENT | ||||||
| Net commissions | 9,267 | 7,102 | 11,114 | 9,965 | -16.6 | |
| Administrative costs | 6,292 | 4,817 | 6,176 | 5,576 | 1.9 | |
| Operating income | 3,399 | 2,593 | 5,268 | 4,622 | -35.5 | |
| Profit for the period | 2,202 | 1,674 | 3,203 | 2,805 | -31.3 | |
| RESOURCES | ||||||
| Staff (1) | 29 | 29 | 29 | 23 | - | - |
(1) Seconded Parent Bank personnel.