Pre-tax profit at BNP Paribas Asset Management and Services dropped 10% in the first quarter compared to the same period last year, as operating costs increased and assets under management decreased.
According to its results statement, the division's pre-tax profit was â¬430m for the first three months of the year, more than investment banking's contribution to the bank's total pre-tax profit of â¬2.67bn. Pre-tax profit for wealth and asset management, one of the business units within the asset management and services division, dropped to â¬162m, compared to â¬218m in the first quarter last year.
