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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