Societe Generale Asset Management reported €269.2 billion ($340.6 billion) under management as of Dec. 31, down 9.7% from the previous quarter and 24.7% below the end of 2007, the company reported today.
Market losses dragged assets down €69.2 billion for the year, while currency moves buoyed assets by €7.2 billion.
The company announced the sale of SGAM UK to GLG Partners in December and a merger of SGAMs European and Asian businesses (and a 20% stake in TCW) with Credit Agricole Asset Management in January; a merger of SGAM AI with Lyxor Asset Management is under review, according to a company statement.
Total net outflow for 2008 was €26.5 billion, driven by a €15.5 billion outflow at SGAM AI and a €13.9 billion outflow at TCW, and inflows at SGAM and SGAM UK of €2.6 billion and €300 million, respectively. Total net fourth-quarter outflow was €8.6 billion.
Equities, dynamic money market funds and CDOs saw the largest outflows for the year, while traditional money market funds and fixed-income strategies saw inflows.
After-tax net income was –€258 million in 2008, down from €169 million in 2007; after-tax net income for the fourth quarter was –€152 million, down from -€6 million as of Sept. 30 and –€30 million in the fourth quarter 2007. Gross operating income was –€383 million in 2008 vs. €278 million in 2007.