The eurozone’s largest private bank, BNP
Paribas, is to combine its existing UK private banking services
with Fortis Private Investment Management and Insinger de Beaufort
UK to form BNP Paribas Wealth Management UK.
Ligia Torres is to lead the new 130-person
business which has more than £5.5bn ($8bn) in assets under
management.
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BNP Paribas’ consolidation move is in line
with wider European moves to knit together the various divisions of
Fortis and BNP Paribas.
This one bank-style approach aims to overcome
the fractures experienced by clients which come into contact with
different divisions at the bank.
BNP Paribas Wealth Management UK is to offer
cross asset class investment services, tailor-made products, tax,
legal and fiduciary services.
Torres said BNP Paribas had the critical mass
in the UK wealth management market to grow its business over the
coming years.
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By GlobalDataTorres was previously head of fixed income
corporate and SAS origination and sales, EMEA at BNP Paribas,
responsible for developing strategic business with corporate,
sovereign, agency and supranational clients.
