Challenging market remaining in Q4
Catella's Q4 report came in below ABGSC's expectations on EBIT. Adjusting for FX, AUM was flat q-o-q and net inflow was positive, highlighting the continued demand despite the challenging market. The fourth quarter continues to be negatively impacted by transaction volumes being at historically low levels, leading to low earnings contributions from both the Investment management segment and Principal investments. Corporate Finance showed improved performance in Q4, which was helped by Q4 showing the highest transaction volume of 2023 alongside a better-than-expected reduction in operating costs.
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