High net worth individuals should diversify their portfolio into fixed income and other alternative investments and cut their exposure to stock markets, warned BNP Paribas Private Bank global chief executive Francois Debiesse. He told India's Economic Times that global markets had been falling from their highs in the wake of the subprime crisis. Funds had also been withdrawing money from emerging markets because of redemption pressure and losses in the West. Foreign institutional investors had sold over $3 billion in stocks in the Indian market since October. "We have been advising customers to cut equity exposure and diversify their portfolio" said Mr Debessie. "Our concern was that there would be too much investment into equity." In addition to organic growth, Mr Debessie said BNP Paribas Private Bank was also looking at forming partnerships. It currently has stakes in SBI Life Insurance, Sundaram BNP Paribas Asset Management and Geojit Financial Services. With each of these, the bank was looking at different type of co-operation.