GLOBAL 鈥� LaSalle Investment Management, the asset management arm of Jones Lang LaSalle, has gained $5bn (鈧�4.1bn) in assets under management in the past year.
JLL said in its third-quarter report that Lasalle IM鈥檚 investments were 鈥渆xceeding expectations for 2005 and have resulted in assets under management now exceeding $29bn, an increase of over $5bn from a year ago鈥�.
Operating income at the unit doubled to $13.6m from $6.4m a year before 鈥� 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 鈥� 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. 鈥淩evenues in Germany in US dollars increased 35% in the quarter and 37% year to date, compared with 2004,鈥� the firm said. And revenues in the UK were up 10%.
But the operations in France were not so rosy. 鈥淭he French business declined compared with the prior year, which included several large capital markets and agency leasing transactions.鈥� 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.
