PARIS, July 20 (Reuters) - BNP Paribas’ asset management arm has appointed Sandro Pierri, former head of Pioneer Investments, as its global head of client group, sales and marketing organisation as of September, it said on Thursday.
Pierri was chief executive officer at Pioneer between 2012 and early 2015 before the asset manager was bought out by French rival Amundi from Italian lender UniCredit in a deal closed this year.
BNP Paribas, along with other banks, is making a push into asset management because it is less capital intensive than other areas of banking.
BNP Paribas plans to increase the assets run by its fund management arm by 5 percent a year to 2020 and speed up the development of the business in Germany, China and the United States.
Reporting by Maya Nikolaeva. Editing by Jane Merriman