and continues to expand in Europe
In a tough environment, the pre-tax return on equity is nearly 16%
Net banking income: euros 96.2 million
Assets under management: euros 7.1 billion
The decline of the world's leading stock markets caused investors to adopt a wait-and-see attitude in 2001. For Cortal, this translated into a decline by 27% in net banking income, to euros 96.2 million. Of this, two-thirds are accounted for by asset management revenues (management fees and custodian fees) and one-third by trading revenues (share brokerage fees and admission fees).
In response to investors' need for counselling and reassurance, efforts were made to develop face-to-face distribution in "Investment Shops" and via Independent Financial Advisors (IFA's), in France, Luxembourg and Italy. In all, face-to-face distribution accounted for 26% of savings inflows in 2001. Assets under management, 79% of which are accounted for by investments other than directly owned securities, represented a total of euros 7.1 billion at end 2001, down 9% from end 2000.
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