SocGen's Private Banking AuM Holds Steady

Tom Burroughes

7 May 2019

Societe Generale’s private bank last week said that its assets under management totalled €113 billion ($126.4 billion) at the end of March 2019, holding steady from the level at the end of December.

Net banking income at this part of the French firm’s business rose by 11.4 per cent in the first quarter of this year against a year before, standing at €206 million, including the revaluation of SIX securities for €32 million, said in a statement.

The net banking income of the asset and wealth management business line totalled €255 million, rising by 4.9 per cent compared with Q1 2018, against the backdrop of a substantial slowdown in client activity.

Lyxor’s assets under management came to €121 billion at the end of March 2019, 2.5 per cent higher than in December 2018. Revenues totalled €44 million in Q1 2019, down by -15.4 per cent compared with Q1 2018.

Across the Paris-listed banking group as a whole, SocGen said reported net income fell to €631 million from €850 million a year earlier.