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PARIS, May 24 (Reuters) - French bank BNP Paribas detailed on Wednesday a strategy to allow its asset management arm to grow assets by 5 percent annually between now and 2020, and to speed up its development in Germany, China and the United States. "We are investing in a scalable platform on which to base our future growth globally and achieve sustainable long-term success," Frederic Janbon, chief executive of BNP Paribas Asset Management said in a statement.
It will rebrand BNP Paribas Investment Partners to BNP Paribas Asset Management as of June 1. (Reporting by Maya Nikolaeva; Editing by Sudip Kar-Gupta)