On 1 February 2002, Dexiam and Cordius Asset Management joined forces to strengthen
the Dexia group's asset management capability and create a new organisational
structure for the group's asset management business.
Since its creation on 1 February 1999, Dexiam, the Dexia group's asset management
arm, has considerably increased its collective management business through mutual
funds and discretionary management for individual and institutional clients.
Built up around a central structure in the Grand Duchy of Luxembourg, Dexiam
is active internationally through its operational subsidiaries in Luxembourg,
Belgium, France, Italy, Spain, Switzerland, Singapore and Australia.
· Cordius Asset Management
Cordius Asset Management is the asset management arm of the Artesia Banking
Corporation group, acquired by the Dexia group in July 2001. It specialises
in implementing investment processes based on research and financial analysis
and has a powerful range of traditional managed products. Cordius has earned
an excellent reputation in the asset management market thanks to the high quality
of its asset management services.
· Creation of Dexia Asset Management
With a view to maximum exploitation of synergies by making use of the complementary
contributions of the two asset management entities, the operational integration
of Cordius in Dexia Asset Management began as soon as Dexia acquired the Artesia
group. The new structure is called Dexia Asset Management and already enjoys
an excellent reputation among asset management specialists.
The wide range of Sicavs managed by Dexia Asset Management is distributed not
only via the Dexia group's own distribution networks, but also via other networks
in 9 European countries. With an international presence, a rigorous and unified
investment process and its own sales teams, Dexia Asset Management currently
manages assets worth EUR 60 billion and its goal is to manage over EUR 72 billion
by the end of 2002.
· Operational structure
Integration has been carried out on the principle of best practice. The traditional
management process that has been retained is that of Cordius while the alternative
management process is that of Dexiam. The commercial structure results from
pooling the skills of both companies, although the IT system will be the one
used by Dexiam.
At the organisational level, Dexia Asset Management has adopted a horizontal
structure, built around different business units, namely traditional management,
alternative management, an autonomous sales network, a finance department and
an IT department. Due to the horizontal nature of the organisation, the same
investment processes can be applied and scrupulously followed across Dexia Asset
Management's various international entities. Dexia Asset Management will operate
through a limited number of centres of competence and through decentralised
Dexia Asset Management aims to achieve steady and coherent performance for
its different types of customer. The company's ambition is to rank in the first
quartiles of investment fund rankings by Standard&Poors/Micropal. With household
savings set to grow strongly and increased demand for investment funds and pension
funds, asset management represents a profitable business for the Dexia group.