SKN  | BNP Paribas Asset Management Revenue Rises 5.3% as AXA IM Integration Advances

Key Takeaways:

• BNP Paribas reported a 5.3% year-on-year increase in asset management revenue for the third quarter of 2026, supported by organic growth and progress integrating AXA Investment Managers.
• Assets under management reached €2.549 trillion at September 30, 2026, up 4.3% from year-end 2025, with nine-month net inflows of €49.4 billion.
• Securities Services revenue increased 17.6% year on year to €912 million, while gross operating income rose 44.6% to €336 million.

Asset Management Growth Supports Group Performance

BNP Paribas reported a strong third quarter across its business lines, with group revenues increasing 9.5% compared with the same period in 2025. Investment and Protection Services, which includes asset management, delivered what the bank described as a particularly strong quarter.

Asset management revenue rose 5.3% year on year, reflecting sustained organic growth and progress integrating AXA Investment Managers. BNP Paribas highlighted improved profitability, attributing the performance to business expansion and disciplined execution of the integration.

The division recorded €31 billion in net inflows since December 31, 2025, according to the reported business update. Demand was driven by medium- and long-term investment strategies, particularly alternative assets, exchange-traded funds and fixed income. The business also continued to develop its product range and expand distribution capabilities.

BNP Paribas Asset Management Alts completed fundraising for its European Junior Infrastructure Debt fund. Asset management revenue reached €704 million, supported by business performance and positive market effects.

Assets Under Management Reach €2.549 Trillion

As of September 30, 2026, BNP Paribas reported total assets under management of €2.549 trillion. This represented an increase of 4.3% compared with the end of 2025 and 6.6% year on year.

Growth during the first nine months reflected several factors. Net inflows contributed €49.4 billion, while market movements added €37.9 billion and foreign-exchange effects contributed a further €28 billion. These gains were partially offset by negative impacts totalling €9.1 billion.

The asset allocation of the reported total was distributed across three principal activities: asset management accounted for 66%, Wealth Management for 21% and Insurance for 13%.

The figures indicate that client inflows and favourable market and currency effects all contributed to the increase in assets. For assessing the durability of growth, the distinction between new client money and valuation-driven changes remains important.

Securities Services Delivers Stronger Revenue and Profitability

BNP Paribas Securities Services, part of the Corporate and Institutional Banking division, recorded revenue growth of 17.6% compared with the third quarter of 2025. Including Equity and Prime Services, revenue reached €912 million.

Gross operating income increased 44.6% to €336 million, supported by higher revenue and a slower rate of operating expense growth. The cost-to-income ratio improved by 6.9 percentage points to 63.2%, indicating stronger operating leverage during the period.

Business expansion was reported across segments and geographies. BNP Paribas Securities Services was selected by Bpifrance to provide services to its Bpifrance Défense S.L.P. fund and appointed by UniSuper to provide advanced investment data through its Data PRISM360 solution in partnership with NeoXam.

The division also extended general-meeting voting services to global custody clients across Europe, the Middle East and Africa, and Asia-Pacific, using technology provided by Proxymity. Securities Services-related transaction volumes increased 16.9% year on year.

Closing Insights

BNP Paribas’ third-quarter performance highlights growth across asset management and securities services, supported by client inflows, market activity and improved operating performance. The AXA IM integration remains an important component of the asset management strategy, with the bank reporting progress alongside stronger profitability.

For investors, the next consideration is whether the integration can continue to deliver operating benefits while preserving organic growth and client relationships. The scale of assets under management and stronger Securities Services results provide useful indicators, but sustained performance will depend on continued inflows, cost discipline and execution across the group’s investment and protection businesses.

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