Mediolanum posts 160% gain in first quarter profits

Italian asset manager Mediolanum has posted a €178.6m net profit for the first quarter of the year, the company confirmed in a statement.

The figure reflects a 160% year on year increase, boosted by an influx of cheap money from the European Central Bank and by increases in recurring revenue and performance fees.

The company has €49.2bn in assets under management, up 6% from the same period last year. Net inflow for the quarter was €916m.

Mediolanum claimes more than 1 million clients, accessed through close to 4,500 financial advisers. The number of client accounts increased by 15% compared to the same period last year.

In 2011, Mediolanum’s net profit fell 70% to €67m, impacted by specific investments such as Greek government bonds.

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