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Rating:Villanova Boosts Profits Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, May 1, 2002

P&L
Villanova Boosts Profits

by: Sean Hanna, Editor in Chief

Nationwide Financial saw first quarter revenues in its asset management group jump 17 percent to $35.4 million in the first quarter. The results primarily reflect operations of the insurer's Villanova Capital group. The increase in revenues pushed profits in the unit to $6.4 million from $1.4 million in the first quarter of 2001.

Revenues grew both due to a rise in assets under management and one time event. Assets under management in the group rose to $25.8 billion, an increase of seven percent from a year ago. The firm reported net flows of $1 billion, including $600 million from a new, unidentified stable value client.

The firm said that the higher profits were also the result of "aggressive expense management".  

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