The rating reflects the continued support and financial strength of BNPP IP’s parent company, BNP Paribas Bank, as well as the strong overall organisational oversight and control of key risk areas, all of which form the basis for a robust operational platform.
Overall, the addition of the ‘+’ modifier emphasises BNPP IP’s strong investment administration capabilities and control framework.
Following the restructuring of BNPP IP’s investment teams in 2006 and 2007, the overall organisation has remained fairly stable, with the exception of FFTW, the global operations of which are being redesigned as a result of significant outflows.
BNPP IP is the asset management brand of BNP Paribas. BNP Paribas AM focuses on European equities and fixed income, structured products, indexed strategies and asset allocation products. FundQuest is involved in multi-management investment solutions and services, and FFTW focuses on international fixed income, as well as credit and structured finance. At end-June 2008, BNPP IP was managing EUR327bn, 75% of which was covered by this rating. At the same date, BNPP IP employed 2,321 employees, 1,073 of whom were based in France.
