Jacques d’Estais was named head of BNP Paribas’ asset management and services division, spokeswoman Christelle Maldague said.
Mr. d’Estais will swap responsibilities with Alain Papiasse, who will assume Mr. d’Estais’ current post as head of corporate and investment banking. The appointments will be effective March 31. Both are members of the executive committee.
“This swap will enable two key executive officers of BNP Paribas to continue growing these two core businesses by giving them the benefit of a fresh eye,” Baudoin Prot, CEO of parent BNP Paribas, said in a news release.
Separately, BNP Paribas Asset Management reported €503 billion ($637 billion) under management as of Dec. 31, down 7% from three months earlier and 13.8% below a year earlier, mostly the result of market losses.
BNP Paribas Asset reported €1 billion in net outflows for the fourth quarter of 2008 but net inflows of €11 billion for the year, largely in short-term cash strategies.
Pretax income was down 49% in the fourth quarter, to €210 million compared to €412 million in the fourth quarter ended Dec. 31, 2007. Pretax income for the year was €1.3 billion, down 31.6% compared to 2007. The yearly amount included a one-time write-down of €207 million related to losses from the collapse of Lehman Brothers and Icelandic banks.
