The asset management arm of BNP Paribas committed on Monday to pay an amount estimated at a maximum of 7.75 million euros, at the end of an administrative composition agreement concluded with the Autorité des marchés financiers and published on Monday.
BNPP AM will also have to pay 600,000 euros to the Public Treasury. The AMF accused him in particular of “deficient information for clients” on five funds between May 2016 and December 2021, as well as “lack of diligence, care, competence and professionalism” in their structuring.
BNPP AM undertakes to “pay” each interested investor “within 16 months” the amount owed for the costs incurred “above the rate of 0.75%”, provided that the amount is at least 50 euros.
investments in telecommunications
These five funds, created in 2002 or 2006, had between €149 and €390 million in assets at the time of the audited years. They invested in telecommunications, community services or even in the European energy, financial and technological sectors.
For the AMF, these funds “could not achieve, regardless of market conditions, the management objectives” set out in the communications of these funds, particularly in the prospectuses.
In addition, “no first or second level control was carried out to verify compliance with the management objective of the five funds”, mentions the AMF as another grievance.
BNPP AM assured in its response to the AMF, communicated in the agreement, that it is “unaware of any direct or indirect complaint in relation to these five funds.”
Source: BFM TV
