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Laxman Pai, Opalesque Asia:

French international banking group BNP Paribas has announced the creation of Private Assets, a new business unit within its investment and protection services (IPS) division dedicated to private asset management.

Integrated within BNP Paribas Asset Management and operational as of January 2023, Private Assets will combine private asset management expertise across IPS and will operate in close collaboration with BNP Paribas Corporate & Institutional Banking (CIB) and the Group's distribution networks, said a media release from the largest banking group in Europe, after HSBC.

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.

Private Assets will bring together the private asset management expertise of the IPS division, accounting for more than EUR 30 billion of assets under management and advisory. 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's private asset management activities.

Renaud Dumora, Deputy Chief Operating Officer of BNP Paribas and Head of Investment & Protection Services said: "Private asset management, a market that has tripled in 10 years, is one of the growth dr......................

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