French financial firm BNP Paribas is targeting a doubling of pre-tax profit for its asset management business by 2030.
The target is part of a strategic plan published by BNP Paribas Asset Management which includes the ambition to be “one of the most powerful European investment platforms”.
It comes on the back of the firm’s €5 billion acquisition of fellow French asset manager AXA IM, a move which BNP Paribas described as a “transformational step” in its growth plans.
The merged entity now manages more than €1.6 trillion in assets.
According to the plan, BNP Paribas is looking to expand all aspects of its business, including alternatives, active management, ETF development, institutional partnerships and retail and wealth management.
The French firm is also targeting €350 billion of cumulative net inflows by 2030 and growth in AuM of more than 5% per year.
BNP Paribas is also seeking flat operating expenses between 2025 and 2030 as well as a cost/income ratio below 60% by 2030.
According to a statement, these operational savings will be possible through “platform convergence, fund rationalisation and operational scale efficiencies”.
BNP Paribas also plans to deploy AI “across the entire investment and servicing value chain” in a bid to boost scalability and performance.
“BNP Paribas Asset Management is entering a new phase of transformation and growth driven by structurally supportive trends on savings and investments,” said Sandro Pierri, chief executive of BNP Paribas AM.
“With our 2030 Strategic Plan, our ambition is to strengthen our position as one of the most powerful European investment platforms.”
