French bank BNP Paribas has restructured internally to create a dedicated private assets unit with €30bn ($32bn) under management and advisory.
Private Assets will be a new unit in its its Investment and Protection Services (IPS) division, which includes asset and wealth management, insurance and real estate.
It aims to become “a leading European player in private asset management,” BNP said in a statement on Tuesday.
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The unit will be operational as of January, led by David Bouchoucha, previously head of private debt and real assets.
“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,” said Renaud Dumora, BNP’s deputy COO and head of IPS.
The unit will focus on direct management, across corporate financing, real assets (infrastructure and commercial real estate debt) and individuals’ financing (with Dynamic Credit Group), and indirect, focused on investment in private asset funds, and advisory in fund selection.