French banking giant BNP Paribas planning to nearly double the assets managed by its asset management arm in India.
"We manage INR3,500 crore of local mutual-fund assets and sub-advise approximately $500 million of FII (foreign institutional investors) money invested in Indian equities. We are targeting to double the size of these assets in the next 12 to 18 months," Ligia Torres, head of Asia-Pacific and emerging markets region at BNP Paribas Investment Partners, told Business Standard.
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Amid improving fundamentals, the bank is also looking at strategic buyouts in the space for which it is well capitalised.
Torres added that BNP Paribas is one of the most capitalised asset managers in India with a net worth of nearly Rs 200 crore.
"This capital provides us with the strength to look for attractive opportunities to acquire a business that complements our AUM (assets under management) profile," she was quoted as saying by the publication.
Talking about challenges, Torres said she considers the regulatory environment as the new post-crisis reality across the globe, which is forcing asset management players to revisit business models.
On scouting for new partners in India, she said that while the firm is growing organically, it is open to other options.
"As with all our businesses across the globe, we are always open to attractive opportunities that may be available in the market and complement our business strategy," Torres added.
