Neuberger Berman hired a BNP Paribas Asset Management six-member European fixed-income team, a spokesman said.
A Paris-based team of five portfolio managers and one quantitative analyst joined Neuberger Berman's $133 billion global fixed-income team. There are no assets involved in the team's move, the spokesman confirmed. BNP declined to comment.
Patrick Barbe, who previously led the team, was named portfolio manager. The rest of the team maintain their previous roles as portfolio managers and quantitative analyst.
Mr. Barbe was previously the chief investment officer of euro sovereign and aggregate fixed income at BNP Paribas, where he managed €49 billion ($56.8 billion) in assets. A spokesman declined to provide details of the team's departure.
"We are delighted that (Mr. Barbe) and his team have chosen Neuberger Berman, bringing dedicated regional fixed-income expertise to our global platform and further enabling us to best meet our clients' needs. They will be located in our Paris office, thereby adding a new European investment hub to our regional footprint, which includes investment operations in London, Milan and the Hague," Dik van Lomwel, managing director and head of Europe, the Middle East, Africa and Latin America at Neuberger Berman, said in a news release.