Sal. Oppenheim, the German private banking group, reported a pre-tax profit of €95.1 million ($115.6. million) for the first half of 2005. T...

Sal. Oppenheim, the German private banking group, reported a pre-tax profit of €95.1 million ($115.6. million) for the first half of 2005. The bank said the results for its recently acquired subsidiary, BHF-Bank, are above target for the first half. Oppenheim, which contributes around 60 per cent to results, is reported to have shown figures around 30 per cent above target, while BHF is reported to have shown results around 10 per cent above budget, according to a report in Frankfurter Allgemeine Zeitung. Earlier this week the German wealth manager reported that its asset management business achieved a 13 per cent rise in funds under management in the first half of 2005, compared with the same period a year ago. Total assets under management amounted to €36.8 billion. The Cologne-based firm said there had been a particularly encouraging performance in its mutual funds business: Oppenheim Pramerica Fonds Trust, a joint venture between Sal Oppenheim and Prudential Financial. The company saw its assets under management increase by roughly 17 per cent (as at 30 June 2005) to total €10.6 billion, a new record, said the firm.