GLOBAL – LaSalle Investment Management, the asset management arm of Jones Lang LaSalle, has gained $5bn (€4.1bn) in assets under management in the past year.
JLL said in its third-quarter report that Lasalle IM’s investments were “exceeding expectations for 2005 and have resulted in assets under management now exceeding $29bn, an increase of over $5bn from a year ago”.
Operating income at the unit doubled to $13.6m from $6.4m a year before – with revenues up to $51.6m from $31.8m
Overall, JLL said quarterly net income was up to $20.6m from $15.3m. Revenues were up 21% at $326.4m. It reported a mixed picture in Europe – with Germany and the UK doing well but France in decline.
JLL said third-quarter revenues in the European region were up 12% in dollars overall.
Germany saw improving market and economic conditions. “Revenues in Germany in US dollars increased 35% in the quarter and 37% year to date, compared with 2004,” the firm said. And revenues in the UK were up 10%.
But the operations in France were not so rosy. “The French business declined compared with the prior year, which included several large capital markets and agency leasing transactions.” Overall operating income in Europe rose 5% to $3.1m.
Meanwhile JLL has named Paul Richards as head of research for European capital markets and corporate finance. He was previously head of indirect investment at Cushman & Wakefield Healey & Baker.
His role at C&W/H&B was taken by Julian Schiller, a spokesman there said.