In the afterglow of its acquisition of the Cogent fund administration business in the UK in 2002, BNP Paribas Securities Services put out a presentation called "Project 2005". It was part of a bold strategy statement by the French banking group outlining its growth targets. Over four years it was aiming to nearly double annual pre-tax income from securities services to €350m ($455m), and double its €1.9 trillion of assets under custody.

Almost three years to the day since the presentation, Jacques Philippe Marson, chief executive of BNP Paribas Securities Services, claims they were lofty ambitions born out of the equity bull market.