Like the two French funds which reopened two days ago, the Luxembourg-domiciled Parvest Dynamic ABS's net asset value (NAV) was only slightly down compared to that of 7 August: 1,21%. This small decline, considerably less than that indicated in our 23 August press release, is further proof of the quality of the fund's assets, which are essentially AAA and AA rated, and none of which have suffered payment defaults or had their rating downgraded.
The quick reopening of these funds, combined with the very slight dip in their net asset values, confirms that BNP Paribas Investment Partners' decision was both transparent and protected investors' interests.
BNP Paribas Investment Partners brings together the full palette of asset management expertise of the BNP Paribas group.
Through a unique platform that offers simple, immediate access to a broad range of specialist Partner companies BNP Paribas Investment Partners has become a leader among multi-specialist asset managers. As of 30 June 2007, assets under management amounted to €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.
Parvest is the largest Luxembourg SICAV distributed by a French fund promoter. With 78 sub-funds, almost €30 billion in assets as of 30 June 2007 and distributed in 27 countries, Parvest offers a range of specialised sub-funds covering all asset classes appropriate for all phases of the economic cycle.
* assets under advisory included