French banking group BNP Paribas has unveiled plans to streamline its asset management unit to simplify operations.
As part of the restructuring, the bank’s passive unit THEAM, multi-asset solutions and boutique subsidiary CamGestion will be merged. The new combined entity will be headed by existing THEAM CEO, Denis Panel.
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Also, from 1 June 2017, BNP Paribas Investment Partners (IP) will be rebranded BNP Paribas Asset Management (AM).
The group further said that it will look to collaborate with fintechs in a range of areas such as robo-advice, smart coding and artificial intelligence. Plans are also on to target individual investors with outcome-based retirement savings products and distributors with digital platforms.
BNP Paribas Asset Management CEO Frederic Janbon said: “We are investing in a scalable platform on which to base our future growth globally and achieve sustainable long-term success. By streamlining our operating model and product range, we will be very well placed to deliver high-quality products and solutions at the right price to our clients.”
The group also set an annual growth target of 5% and plans to accelerate growth in key markets of Germany, China and the US.
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