BNP Paribas has seen a record level of assets under management, over €1 trillion, in its insurance, wealth and asset management division for Q3 2016.
The total of €1.001 trillion represents a 9.3 percent increase on Q3 2015, and an increase in assets under management of €50 billion since the beginning of 2016.
Assets under management comprise of approximately €413 billion in the asset management business, €341 billion in wealth management, €227 in insurance, and €23 billion in real estate services.
According to BNP Paribas, the increase was due to string net asset inflow from the wealth management businesses in France, Italy and Asia, as well as good net asset inflows in the asset management division, particularly in diversified and bond funds.
It was also partially attributed to strong asset inflows in insurance in the domestic markets, as well a generally a favourable performance effect.
In total, securities services revenues, including custody services, reached €457 million, an increase of 2.9 percent on last year. This was generally attributed to an increase in assets under custody and administration.
The international financial services business saw revenues of €3.95 billion, up 3.9 percent on Q3 2015.
In total BNP Paribas recorded revenues of €10.59 billion, an increase of 2.4 percent compared to the same period last year. This included the impact of a €202 million loss in own credit adjustment and own credit risk.
