Banca March fee income decreases
Spain’s Banca March half-year fee income reached €75.7m, which represents a 5.7% decrease year-on-year.
The drop was driven by a fall of share prices in international markets, reflected in the EuroStoxx50 which went down by 12.3% in the first half of the year.
Banca March’s income fee comes mainly from the management of investment funds and Sicavs, as well as insurance distribution and payment methods.
Off-balance sheet revenue, of which 65% comes from March Asset Management, increased to €9.2bn, up by 4.5% year-on-year.
March AM’s Sicavs are a “prominent” part of the bank’s private banking business which remains “the most dynamic” unit of Banca March — its turnover grew by 3.9%, while new clients increased by 10.1% compared to June 2015.
March AM, the third largest asset manager of Sicavs in Spain, has assets under management totaling €3bn in Sicavs.
As at 30 June, March AM’s assets under management totalled €6bn.