Assets under management decreased by SEK 5.9 Bn during the quarter, mainly driven by Systematic Funds and exchange rate effects. Within Property Investment Management assets under management increased adjusted for exchange rate changes and had a net inflow of SEK 5.1 Bn. Income after assignment expenses and commissions amounted to SEK 476 million (645, adjusted for Mutual Funds), which was 26 percent lower compared with the fourth quarter of 2019. Most of the decrease is attributable to Systematic Funds but also to Continental Europe in Corporate Finance, which had a challenging quarter. Property Investment Management was in line with the previous year but with a higher share of fixed income. Operating profit amounted to 23 (124, adjusted for Mutual Funds) and was affected by lower variable personnel costs and by impairment attributable to goodwill.
"Overall, the fourth quarter results were disappointing, but below the surface there are many other positive measures aimed at increasing assets under management, mainly in Property Investment Management where new product development is under way in several verticals. At the same time, we work actively to strengthen our position in Corporate Finance through product and competence development, and by extending the European collaboration in the business area, and in partnership with Property Investment Management.
We have also started the work of increasing the synergies by utilizing the overall competences and resources of all Catella's European platforms. One of the Board and Management's express goals is to support subsidiaries with capital and by focusing on company collaborations, which has generated a strong pipeline of promising projects in areas such as logistics development and residential projects. We are looking forward to connecting business opportunities in the project operations with our funds, which have raised capital which is intended to be invested in 2021. This can also be implemented for other target groups, which is our clear objective." says Johan Claesson, acting CEO and President
* Attributable to Parent Company shareholders. Includes disposal group held for sale. ** Adjusted for Mutual Funds.
Invitation to presentation of the Interim Report
Catella will be presenting the Interim Report and answering questions in a teleconference today 25 February 2021 at 9 a.m. CET. The presentation will be in English and will be made by Catella's Interim CEO and President Johan Claesson and Catellas CFO Christoffer Abramson. To participate in the teleconference, go to www.catella.com or call +46 (0)8 566 427 07
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