Natixis Global Asset Management, one of the largest investment houses in Europe, increased its profits in the third quarter by cutting its cost base. The news comes as asset managers around the world face increased pressure on costs as falling assets under management threaten their revenue streams.

Natixis said that revenue was €340m ($425m) for the three month period, an 8% decline from the same period last year. It blamed a decline in performance fees and a fall in assets under management. At the end of September it looked after €556bn, a fall of 1.5% over the three months. Net outflows of €9bn and market depreciation of €22bn were partially offset by foreign exchange movements, which increased the figure by €23bn, according to the results statement published today.