The increase in assets under management was driven by a strong positive investment result, which provided our clients with attractive returns, and was supported by a net positive cash inflow. The investment result of EUR 18.6 billion was positively affected by a EUR 17.3 billion gain caused by US dollar appreciation.
The net cash inflow amounted to EUR 4.0 billion (2014: EUR 6.2 billion). In geographical terms, flows were different for different markets. On a net basis, bond funds experienced outflows, while equity funds posted net inflows, especially in US equity and quantitative strategies, for example.
In 2015 Robeco generated net profits of EUR 237 million: a record high and an improvement of 4% compared to the previous year. This increased result was due to an increase of recurring management fees, caused by the positive investment result during the first half of the year. The operating result over the year ended at EUR 360 million, an improvement of EUR 30 million.
At group level, 74%1 (2014: 79%) of the portfolios outperformed compared to the relevant benchmark over a three-year period. Over 2015 this figure is 67% (2014: 52%).
