BNP Paribas has created a new business unit within its investment and protection services (IPS) division dedicated to private asset management.
Headed by David Bouchoucha, formerly responsible for BNPP AM's private debt and real assets investments, the unit will combine private asset management expertise across the firm's wealth management, insurance and real estate divisions.
It will bring together the private asset management capabilities of Principal Investments and its subsidiary BNP Paribas Agility Capital, BNP Paribas Asset Management and part of BNP Paribas Cardif, accounting for more than €30bn of AUM and advisory.
BNP Paribas AM integrates private assets divisions into subsidiaries
The unit will be operational and integrated within BNP Paribas Asset Management from January and work closely with the firm's distribution networks and corporate and institutional banking unit.
The private assets team will look to raise assets from third party clients, including major institutional investors to individual investors, supported by the bank's distribution networks and partners.
Focusing on both direct and indirect management, the unit will develop strategies around corporate financing, infrastructure and commercial real estate debt and individuals' financing alongside Dutch mortgage specialist Dynamic Credit Group, as well as external fund selection.
HSBC AM appoints new real assets and private credit heads
Renaud Dumora, deputy chief operating officer of BNP Paribas and head of investment and protection services, said: "Private asset management, a market that has tripled in 10 years, is one of the growth drivers identified in our GTS 2025 strategic plan."
"Several IPS business lines have already developed strong expertise in private asset management and bringing them together will result in a stronger, broader and differentiated client offering," he said.
Sandro Pierri, CEO of BNP Paribas Asset Management, added: "In an environment of volatility and cyclical uncertainty, being able to offer quality assets, selected according to financial and extra financial criteria, offering a stable return provides a major diversification lever."
