Structured products decreased their share in assets under management (AUM) for France's Credit Agricole group, despite having a leading position as a business line for the banking group, according to their 2012 year-end results published yesterday.
Amundi , the group's fund manager, had around €29bn (4% of the total assets) invested in structured guaranteed funds as of the end of 2012 compared with €33bn as of the end of 2011 (5% of the total assets at the time), and €35bn as of the end of 2010 (again, 5% of the total assets at the time).
Despite the fall in assets under management for structured products, the results showed that Amundi remains the leading provider of guaranteed funds across Europe, with an estimated market share of 15.5%.
The results also highlighted that the group had raised €7.6bn during the course of 2012 via its investment banking division, Credit Agricole CIB, mainly in structured private placements.
Overall, Credit Agricole reported adjusted revenues of €18bn in 2012 (down 5.7% from the previous year) and a net income group share of €3bn (down 16.9% from the previous year).