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BNP Paribas Asset Management selects BNP Paribas Securities Services for its Middle Office and Fund Administration Operations

As of January 1, 2005, BNP Paribas Asset Servicing (BPAS), an entity of BNP Paribas Securities Services acting as fund administrator and third party agent, will perform the Middle Office and Fund Administration functions of BNP Paribas Asset Management (BNP PAM). Between now and January 2005, BNP PAM staff responsible for these functions will also be transferred to BPAS in order to ensure a seamless continuity of service.

This new synergy between two entities that belong to the Asset Management and Services core business of BNP Paribas will boost the group's leadership by providing clients with an innovative service offer linked to its concept of integrated architecture. In addition, this operation demonstrates that the French market, like the Anglo-Saxon markets, is rapidly moving towards a model based on function specialization.

BNP PAM is one of the first asset management companies in France to delegate its middle office and bookkeeping functions in order to further improve its client service: backed by BPAS, BNP PAM can offer clients access to one of the best administration operations in the market while enhancing resources and expertise. By relying on an internationally acknowledged fund administrator, BNP PAM is taking advantage of the progress already made in ‘Straight Through Processing' (STP) and integrated ‘Front to Back' processing with financial intermediaries. This move confirms BNP PAM's desire to focus on its core business, two years after outsourcing its Performance Reporting & Attribution activities.

BNP Paribas Securities Services is strengthening its European leadership with almost 4,000 funds in Europe including more than one thousand in France, and is positioning itself to offer clients a full range of services with proven technological solutions, critical mass and acknowledged expertise. Indeed this contract is based on a combination of first rank expertise, developed on the French market by BNP PAM and BPAS, and on BNP Paribas Securities Services' international experience in this business, particularly through the acquisition of Cogent.

BNP Paribas Asset Management
BNP Paribas Asset Management is a major player in fund management and fund distribution in Europe with 197.3* billion euros in assets under management as of September 30, 2004. Over 1,300 employees in 20 countries work in its asset management business. Its fund management teams are present on major global financial markets such as Paris, London, New York, Tokyo and Hong Kong. They specialize in major asset classes, management styles and geographic regions.
* Including BNP PAM subsidiaries and assets managed for the BNP Paribas group

BNP Paribas Securities Services
BNP Paribas Securities Services, a leader in Securities for Global Financial Institutions services, has a local presence on the main European and Asia Pacific markets. With 3,300 employees operating in 16 countries, BNP Paribas Securities Services serves over 600 clients including 8 out of the top 10 global asset managers, and it has a global custody network covering over 70 markets. BNP Paribas Securities Services holds over 2,300 billion euros of assets in custody and has 360 billion euros in assets for almost 4,000 global investment funds. In 2003, BNP Paribas Securities Services completed over 23 million transactions.