Commerzbank Aktiengesellschaft - CMVM

The performance of our funds also proved highly encouraging. Practically
70% of all funds beat their underlying benchmark; in some cases, the increases
easily exceeded the latter.
The refocusing of the product range, greater efficiency in terms of both
administration and settlement as well as tight cost management all led to a
marked rise in profitability.
Innovative products for institutional clients
At end-2003, the institutional segment of COMINVEST was managing an overall
volume of 725.2bn in 336 Spezialfonds (non-publicly-offered funds), 25 portfolios
under free portfolio management and 15 retail funds not offered for public
sale. In addition, 72.2bn was invested in 33 advisory mandates.
Last June, COMINVEST Institutional launched the first German mutual fund
for institutional investors which invests almost exclusively in securitized issues
(asset-backed securities). This innovative product generated inflows of an overall
781.6m.
Custody service and custody outsourcing
The European Bank for Fund Services (ebase), a wholly-owned subsidiary of
CAM Holding GmbH, is a full-service platform for custody services and custody
outsourcing. In its second year of existence, it passed further important milestones
in its business development. In the field of capital investment company
outsourcing, it concluded a cooperation agreement with Siemens KAG and
Credit Suisse Asset Management GmbH. The custody accounts of these companies
were combined with those of ebase and successfully integrated into the
ebase IT system. With its IT expertise and professional project management,
ebase has staked out a claim for itself in the fiercely contested market for service
platforms. In the second product segment, multi-fund custody accounts, it has
reached agreement with its cooperation partners to make a range of 3,500 funds
available. At end-2003, ebase was managing altogether 910,047 accounts with
76.2bn of assets under control.
Subsidiaries in Europe
Our subsidiary in the United Kingdom, Jupiter International Group plc, benefited
from the positive trend for the UK stock market. Assets under management grew
by 22%. Hedge-fund management was especially successful with its flagship
Jupiter Hyde Park. The funds under management expanded from US$190m at
the start of 2003 to US$614m. At year-end, Jupiter was managing roughly
715bn. This year as well, Jupiter is pursuing a profitable growth strategy so that
its funds can outperform comparable funds over the long term. Activities in the
current year are focused on improving the market position of its retail funds in
the United Kingdom. In addition, hedge-fund business is to be expanded and
growth potential tapped in Continental Europe by making use of synergies with
COMINVEST.
Our French subsidiary, Caisse Centrale de Réescompte (CCR), registered an
encouraging rise in its 2003 results of 22% to 723.3m. At end-2003, CCR was
managing assets of 712.8bn, an increase of 3.3% on the previous year. The management
of equities based on the “value” approach, introduced by CCR in the
French market in 1998, displayed an impressive and extraordinary development,
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