Pre-tax income at the investment solutions arm of BNP Paribas, which includes wealth management, was €483 million ($634 million) in the first three months of this year, a 9.3 per cent year-on-year decline, the Paris-listed banking giant said today.

Total revenues were €1.521 billion, unchanged from the same quarter in 2011, it said. Gross operating income was €478 million, a 0.2 per cent fall, it said.

“This quarter, the net asset inflows of Investment Solutions totalled €12.6 billion euros. All the business units made a positive contribution: asset management (+€7.8 billion) thanks to strong asset inflows into money market funds from institutional investors; Private Banking (+€2.7 billion), especially in the domestic markets and in Asia; Insurance (+€1.1 billion) thanks to good asset inflows in France, Luxembourg and Asia; Personal Investors (+€0.4 billion) and Real Estate Services (+€0.4 billion),” it said.

“Despite the unfavourable foreign exchange impact due to the appreciation of the euro this quarter, the asset inflows and the rise in stock markets drove assets under management up by 4.6 per cent, compared to their level as at 31 December 2011, to €881 billion,” it said.

Across the whole of BNP Paribas, pre-tax income was €3.938 billion, a 4.2 per cent fall from the first quarter of 2011. Revenues fell 15.4 per cent, year-on-year, to €9.886 billion, it said.