Q3'23 shy of expectations given a soft market
Catella's Q3 report came in 25% shy of ABGSC's expectations on EBIT, with the quarter negatively impacted by European real estate transaction volumes being at levels not seen since the global financial crisis. The low transaction volume reduces the variable income within Investment management, which in combination with temporary restructuring costs weighed on the quarter overall. However, since AUM continues to grow (+6% q-o-q), the growth in underlying fixed fees in combination with the initiated cost reduction measures will partially offset lower variable fee income for 2024.
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