Mediolanum’s asset management posts positive H1 performance despite cost increase

The asset management arm of Italy’s Banca Mediolanum posted an increase in operating costs at the end of the first half of the year.

According to a statement released by the group, costs for the asset management business reached €136,1m for the first six month of the year, an increase of €10.6m compared to 2011.

The increase in cost was offset by positive financial results. The asset management division posted €81.3m profits, a 73% increase year on year.

The bank has a network of about 4,400 financial advisers.

During the first half, Mediolanum’s net profits increased by 125%, reaching €217.5m at the end of June.

At the beginning of August, the banking group appointed Carlo Secchi, former dean of Bocconi University, as chairman.

It also confirmed the possible acquisition of Fininvest gestione Servizi and Fin. Prog. Italia, currently controlled by its insurance arm Mediolanum Assicurazioni.

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