UBS Global Asset Management today reported 366 billion Swiss francs ($305.6 billion) in assets under management for the first quarter, down 6% from the previous quarter and up 9% from the first quarter 2004, according to a news release. The division had net institutional inflows of 5.1 billion Swiss francs as of March 31, compared with 3 billion Swiss francs as of Dec. 31 and 10.1 billion Swiss francs as of March 31, 2004. Much of the first quarter inflows were for European and U.K. equity strategies.
Separately, Putnam Investments had $199 billion in assets under management as of March 31, down 6.6% from the previous quarter and down 13% from the first quarter 2004, according to an earnings release today from parent Marsh & McLennan Cos. Inc. The firm's mutual fund assets tumbled $8 billion, or 5.6%, over the past quarter, with growth equity funds accounting for half of the total decline. Putnam's institutional assets fell $6 billion, or 8.6%, to $64 billion in the first quarter, with equity strategies accounting for $5 billion of that decline.
Putnam's first-quarter revenues were $398 million, down from 5.5% from the previous quarter and down 12% from March 31, 2004. The drop was in line with the decline in Putnam's assets under management over the period, according to the release.
Also, revenues for MMC's Mercer Human Resource Consulting unit, which includes Mercer Investment Consulting, were $586 million for the latest quarter, down from $589 million the year before.
