Fund management profits fell 4.6% to €66.7bn ($82.3bn)at Eureko, the Dutch investment manager and insurer, as a 2.1% drop in assets hit fees.

The investment operations, which include F&C Management, saw assets under management fall to €92.8bn at the end of 2003, while fee income fell by 2.9% to €263m. Eureko said that profits from the businesses in UK and the Netherlands had improved but this was offset by its Greek operations' losses on private equity investments and provisions for legal cases.