Annual Report 2002 (pdf, 1319K) - WestLB

34
Services
ASSETS UNDER MANAGEMENT: MARKET-DRIVEN
CONSOLIDATION
38.8
40.8
37.4
2000 2001 2002
(€ billions)
WestAM: Absolute Return Products
and Advisory Expertise in Demand
As a result of the difficult market conditions in
2002, the risk profile of our asset management
clients changed noticeably. They are less willing
to take risks and have a greater need to hedge
their investments, while at the same time client
demand for asset allocation advice has increased.
In view of this, the focus of our asset management
activities, which are handled by our globally
operating subsidiary WestLB Asset Management
(WestAM), shifted last year. We took account of
the changing needs of our clients and developed,
for example, the WestAM Navigator Multi-Strategy
Fund, a product which pursues absolute return
targets and ensures an optimised risk/return
profile through a wide diversification. We also
offer our clients extensive advisory expertise in
asset allocation, for instance at client events
organised specifically for this purpose.
Money Market Funds in the
Limelight
After the strong growth of the past four years
with a doubling of assets under management,
2002 saw a phase of consolidation. At the end
of the year, total assets under management
amounted to € 37.4 billion (2001: € 40.8 billion).
Outflows of funds were heaviest in funds with a
high percentage of shares. On the other hand,
the French money market fund WestAM Sécurité
performed extremely well, increasing its volume
from € 1,729 million to € 2,918 million. The family
of Compass Funds also developed encouragingly
with a volume of € 816 million (2001: € 771
million), as did the COREplus Private Equity
Partners fund launched in 2001 with a volume
of € 362 million (2001: € 186 million).
Our products once again received widespread
recognition for outstanding quality in 2002.
Standard & Poor’s gave its highest fund rating
of five stars to our WestAM Sécurité, Compass
Global Emerging Markets and Compass European