In the first quarter of 2022, the independent group notably improved the quarterly revenues of its financial advisory activity by 5%.
Financial advice
Quarterly revenues of 413 million euros, up 5% (Q1 2021: 395 million euros), reflecting a level of activity that is still sustained for this business as a whole.
Private Banking and Asset Management
Solid quarterly revenue of €170 million, up 27% (Q1 2021: €134 million). Assets under management down 1% to €102.8 billion (December 31, 2021: €103.9 billion) due to a negative market effect (€2.2 billion) greater than the net inflows (1.1 billion euros).
Merchant Banking
Quarterly revenues of €95m (Q1 2021: €103m) driven by strong investment performance and steady recurring revenue growth in line with the increase in assets under management (€20.4bn) euros at the end of Q1 2022, up 11%). However, revenues are down 8% compared to the first quarter of 2021, which was exceptional following numerous disposals and cautious valuations at the end of 2020 due to the pandemic.
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