David Bouchoucha was named head of private assets at BNP Paribas Asset Management, leading a new, €30 billion ($31.6 billion) business unit with the parent bank's investment and protection services division, a spokesman confirmed.
The division comprises the firm's asset management, wealth management, insurance and real estate units. The private assets business will be integrated within BNP Asset Management and operational starting in January, bringing together private asset management expertise across investment and protection services units. It will also work in close collaboration with BNP Paribas Corporate and Institutional Banking and the group's distribution networks, a news release said.
The private assets business will raise funds from third-party clients, with two priorities: direct management, focused on corporate financing, real assets and individuals' financing; and indirect management, covering investment in private asset funds and advisory in fund selection.
Mr. Bouchoucha reports to CEO Sandro Pierri.
Mr. Bouchoucha was head of private debt and real assets, which in its current form will cease to exist, the spokesman said. Its component parts, including real estate debt and infrastructure debt, will be incorporated into the new private assets unit.
The private assets unit will also house BNP Paribas' newly acquired stake in Danish natural resources specialist International Woodland Co. — the manager's first foray into forestry.
The Copenhagen-headquartered firm runs more than €5.5 billion in timberland investment programs. The deal — terms of which were not disclosed — is set to complete in the first half of next year.