BNP Paribas AM unit aided by diversified bonds flows

BNP_ParibasRevenues in BNP Paribas’s asset management and asset servicing divisions increased in the third quarter compared to the same period last year, which contrasted with a fall for the wider group.

The French bank blamed an “unfavourable foreign exchange effect” for a 1.8% dip in Q3 revenues of €10.39 billion compared to the same quarter in 2016.

Meanwhile, wealth and asset management revenues were up 4.9% to €753 million over the same timeframe.

Assets under management for the asset management division stood at €425 billion and inflows were particularly notable to diversified bond funds, the bank said.

Revenues for the bank’s asset servicing division, BNP Paribas Securities Services (BNPPSS), increased 4.2% to €476 million.

BNPPSS reported assets under custody of €9.3 trillion, a 9.1% increase versus Q3 2016,  and assets under administration were up 19.4% to €2.3 trillion.

©2017 funds europe