GLOBAL - BNP Paribas Asset Management saw assets under management grow by a record e34.1bn in 2005 to e429.7bn.
According to the firm’s 2005 financial results, all business lines contributed to the growth, with wealth and asset management growing its net banking income by 15.4%, insurance by 17.3% and securities services 19%.
“In 2005, the global economy experienced another year of sustained growthwith corporates remaining in excellent financial health and equity markets in Europe and Asia rising sharply,” the report noted. “BNP Paribas' substantial global expansion enabled it to take advantage of this positive business cycle and to post sharply higher revenues.”
In 2006, BNP Paribas said it would continue its expansion throughout Europe, especially in multi-management services through Fundquest, in real estate services and in security services.
“The core business will seek to step up the pace of its growth outside of Europe: in the Middle East, Asia and Latin America, specifically in insurance, asset management and private banking,” the report stated.
By Daniel Flatt
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