BNP Paribas unit chooses new chairman

Gilles Glicenstein will become chairman and head of asset management at BNP Paribas Asset Management SAS, the main asset management arm of BNP Paribas, effective June 1, said Christelle Maldague, spokeswoman. Mr. Glicenstein will replace Gilles de Vaugrigneuse, who will remain chairman of BNP PAM Group, the holding company for the firm's asset management businesses. Mr. Glicenstein was CEO of BNP Paribas Asset Management, and the firm has no plans to name a new CEO. A statement released by the firm today said the appointment "provides continuity for growth at BNP Paribas Asset Management in an environment favorable to further development."