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Gilles Glicenstein has been appointed head of asset management business and chairman of BNP PAM SAS, the firm's main asset management company.

Gilles de Vaugrigneuse remains chairman of the holding company, BNP PAM Group. He will also be engaging in the development of several new projects for Asset Management.

Glicenstein has been closely involved with the Asset Management business for nearly ten years and has actively participated in BNP Paribas Asset Management's steady growth. The company is now a major player in Europe, serving both individual and institutional customers, focused for the most part on the global market.

Glicenstein also played a key role in the structural changes implemented at BNP Paribas Asset Management (the introduction of teams in areas such as multi-management, structured management and alternative management) and in successful acquisitions such as FFTW (international rates), overlay asset management (foreign exchange risk), CooperNeff advisors (single hedge funds), as well as in establishing a presence in emerging markets such as China and Korea.

According to the company, the appointment, which takes effect from 1 June 2005, provides 'continuity for growth at BNP Paribas Asset Management in an environment favourable to further development'.

Glicenstein, age 40, has been chief executive officer of BNP Paribas Asset Management since 1999, and is a member of the executive committee of the French Financial Management Association (Association Française de Gestion Financière - AFG-ASFFI). A graduate of ENA (a top French management school), he was in charge of strategy and development for the BNP Group between 1994 and 1996, then executive vice president of BNP Gestions, and chairman of BNP Paribas Epargne Entreprise until 1997.

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