BNP Paribas may use some of the cash it had earmarked for the acquisition of rival DTZ to buy an investment management business.
A source said that following DTZ’s sale after a pre-pack administration to Australian engineering, asset management and property services firm UGL, BNP had cash available to build up BNP Paribas Real Estate Investment Management. The business is headed by David Aubin, who has ambitious targets to expand assets under management by €1bn every year.
Chris Carter-Keale, who was hired from Valad to help in the expansion, left last year to join Oxford Properties. Last month BNP Paribas appointed Gerardine Davies as head of UK fund management. She previously worked at Aegon Asset Management and at Aviva where she was fund manager of the APUT. In February, BNP Paribas REIM lost long-standing segregated mandate, the National Grid pension fund, to DTZ Investment Management.