These two funds' NAV were only very slightly down compared to their 7 August levels: BNP Paribas ABS Euribor (assets: €795 million) slipped 0.97% and BNP Paribas ABS Eonia (assets: €72 million) was off 1.78%. These declines were significantly less than those indicated in our press release of 23 August and confirm the quality of the assets held. These assets, for the most part rated AAA and AA, have not suffered any default in payments nor been downgraded. This explains why the market took a priority interest in them.
With this quick reopening, combined with a very slight decline in their net asset values, the two funds are back to normal operations with regard to subscriptions and redemptions. This confirms that BNP Paribas Investment Partners' decision was both totally transparent and protected investors' interests.
Parvest Dynamic ABS will reopen, as expected, on 30 August 2007 and its net asset value will be published on 31 August after 18.00 Luxembourg time.
BNP Paribas Investment Partners brings together the full palette of asset management expertise of the BNP Paribas group.
Through a unique platform that offers immediate and simplified access to a broad range of specialist Partner companies BNP Paribas Investment Partners has become a leader among the multi-specialist asset managers. At end 30 June 2007, assets under management were euro 356 billion*, nearly half of which managed for institutional clients.
With 2,000 professionals servicing clients in over 69 countries, the network of Partners provides clients with the most advanced and dedicated expertise in asset management today, blending excellence in client service with innovative solutions that can highlight or combine specialities.
* assets under advisory included