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Mediolanum says Q1 net profit fell 41 pct
May 14, 2014 / 12:27 PM / in 3 years

Mediolanum says Q1 net profit fell 41 pct

MILAN, May 14 (Reuters) - Italian asset manager Mediolanum said its net profit in the first quarter dropped 41 percent on lower performance fees and higher IT and marketing costs.

Net profit was 81 million euros ($111 million), while total assets rose 10 percent to 58,9 billion euros, the company said in a statement on Wednesday.

Shares in the asset manager accelerated losses after the results to fall as much as 3 percent. ($1 = 0.7296 Euros) (Reporting by Francesca Landini and Maria Pia Quaglia, editing by Danilo Masoni)

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