Dexia reported an 11.5 per cent year-on-year rise in the third quarter of 2005 in customer assets within its private banking unit to €41.3 b...

Dexia reported an 11.5 per cent year-on-year rise in the third quarter of 2005 in customer assets within its private banking unit to €41.3 billion ($48.6 billion). The Belgian bank said €900 million of the growth during the last three months is accounted for by a re-segmentation involving the transfer of assets from retail banking to private banking. Dexia said in its results statement that the private banking business also benefited from the successful marketing campaigns catering to the retail segment. Belgium and Luxembourg, together, accounted for over 80 per cent of the group’s total private banking assets. Total assets under management reached €87.9 billion as of end September, a rise of 8 per cent over the figure for June 30, and an rise of 30 per cent year-on-year. The composition of the business mix of assets under management as of September 30 2005 was 71 per cent mutual funds (including both retail and institutional), 24 per cent institutional mandates and 5 per cent discretionary private mandates.