BNP Paribas reported its nine month results up until the end of September 2000, which showed assets under management in its private banking,...

BNP Paribas reported its nine month results up until the end of September 2000, which showed assets under management in its private banking, which includes the bank’s online broking business Cortal Consors, rising by €24.4 billion ($28.7 billion) from the beginning of the year. Net new money flows into its private banking business rose €8.9 billion during the nine month period. Total assets under management – private banking, asset management and insurance – came in at €414.6 billion at the end of the third quarter, compared with €343.1 billion at the end of 2004. The bank said AUM growth was partially driven by growth in alternative and structured products. The Paris-based bank said that its wealth and asset management business, which includes private banking, Cortal Consors, asset management and the bank’s real-estate service, saw pre-tax profit rise 24.3 per cent year-on-year in the third quarter of 2005 to €138 million. On a quarter-on-quarter basis, pre-tax profit was down slightly by 2.8 per cent. The bank said in its results statement that it has hired 7,000 additional staff since the beginning of the year, 3,000 in France alone.