BNP Paribas has appointed investment banker Frédéric Janbon as the chief executive of its fund unit, replacing Philippe Marchessaux.

Mr Janbon previously held the role of global head of fixed income at BNP Paribas’s investment bank. He also held various management positions within the group.

According to BNP Paribas, Mr Marchessaux will support and advise Mr Janbon during a transition period, before taking on “at his request, another project within the BNP Paribas group”.

During his time as CEO, Mr Marchessaux integrated management teams from ABN Amro AM, Fortis IM and BNP Paribas IP to build an international asset management business.

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He also oversaw the restructuring of the unit and creating three business lines – institutional, distribution, and emerging markets and Asia-Pacific.

BNP Paribas says that Mr Janbon’s job will be to “further accelerate the development of BNP Paribas IP as a benchmark player in institutional asset management and client service”. According to BNP Paribas, Mr Janbon will bring to his new role experience in managing relationships with international institutional investors and developing client solutions.

Jean-Laurent Bonnafé, chief executive of BNP Paribas, says: “BNP Paribas IP is a key business for the BNP Paribas group, both in terms of servicing our institutional clientele, and providing savings and investment solutions to individual retail customers…This business is very much part of our growth strategy, which focuses on developing business where we are able to achieve high performance in order to offer our clients the best products and services.”

BNP Paribas IP, which manages assets of some €532bn, attracted net inflows of €4.3bn in the first half of the year.

In 2013, the year of the restructuring, the firm reported withdrawals of over €30bn, an amount which slowed to €5bn in 2014.

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