Degroof Petercam publishes first report since merger

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Belgian financial group Degroof Petercam has published its first annual report since the merger between BankDegroof and Petercam in 2015.

The company’s net income reached €492m as of 31 December 2015, up from €488m in 2014.

At the end of 2015, Degroof Petercam had some €50bn in assets under management, of which private banking clients’ assets accounted for €36.3bn.

The institutional asset management line has seen the merger of Petercam Institutional Asset Management and Degroof Fund Management Company into Degroof Petercam Asset Management.

The report points out an  “healthy growth of institutional asset management activity, with gross assets under management exceeding €30bn” supported by an increased international presence.

Degroof Petercam tallied 250 separate mandates totaling €8.7bn in gross assets under management as of 31 December 2015.

Investment teams in certain areas including high-yield bonds and EM sustainable debt have been bolstered, the group said.

Regarding asset services, Degroof Petercam claimed €28bn in assets under administration and/or custody for mutual funds under Belgian and Luxembourg law.

The firm also reported a 3.2% increase in mutual funds for third-party clients to around €8bn.

Also the group’s first annual report highlighted Degroof Asset Management (HK) Limited, the group’s branch in Asia, has obtained a license to operate in Hong Kong and first mandates in Shanghai, Hong Kong and Singapore.