FRANCE - The asset management arm of French financials group BNP Paribas has posted €1.1bn of net outflows for the first quarter.

The group today said the outflows break down into €3bn asset inflows in money market funds offset by €4.1bn in asset outflows in the other funds, in particular those invested in equities.

"With equity markets sliding in the first quarter of the year, resulting in a negative performance effect of €31bn, and the fall in the dollar resulting in a negative exchange effect of €11bn, assets under management as at March 31, 2008, came to €548bn," said the group.

Asset under management are down 6.3% compared with the level seen at the end of December 2007.

The wealth and asset management divisions collectively posted a 6.7% fall in its revenues, at €600m, after taking into account a -€29m fair value adjustment to seed money in an alternative management fund, said the group.

Pre-tax income at the overall division, which included private banking, stood at €430m - down 10% compared to the first quarter 2007 and up 4.4% compared to the fourth quarter 2007.

Group results showed a drop in first quarter net profits to €1.981bn from €2.507bn a year earlier.

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