Assets under management at Credit Suisse Group's money management division rose nearly 1% for the fourth quarter to 425.8 billion Swiss francs ($440 billion) and were up 2.4% for the year, according to the company's quarterly results released Thursday.
Net new assets accounted for 4.5 billion francs in the fourth quarter vs. 3.6 billion francs in the previous quarter and 4.1 billion francs for the year-earlier quarter. For the fiscal year ended Dec. 31, net asset inflows totaled 20.6 billion francs, compared to 400 million francs for the previous year, according to the quarterly financial update.
Most of the inflows — 3.6 billion francs for the fourth quarter and 13 billion francs for the year — went into alternative investments, primarily real estate, ETFs and hedge fund strategies. However, some of the gains in asset inflows were offset primarily by negative currency movements and some outflows in traditional investments.
Pretax profits rose 33% to 180 million francs in the fourth quarter over the previous quarter, partly due to higher performance fees. Compared to the year-earlier quarter, pretax profits were also up 13%.