“Total assets under management, including assets managed, subadvised or distributed by the Company amount to around EUR 132 billion as at 31 December 2017 (EUR 112 billion as at 31 December 2016). Total assets under advice, including fiduciary management, amount to around EUR 29 billion as at 31 December 2017 (EUR 27 billion as at 31 December 2016).
The Company’s gross margin over the reporting year was EUR 352.8 million, EUR 52.0 million (17%) higher than in 2016. The increase was mainly due to a 16% increase of assets under management (including subadvised or distributed assets). The main part of the revenues (98%) is acquired in Europe. The operating result increased from EUR 70.2 million in 2016 to EUR 98.5 million in 2017, mainly due to an increase in the Company’s gross margin of EUR 52.0 million and an increase of total operating expenses of EUR 23.6 million.”