BNP Paribas aims to boost net inflows into its €1.6 trillion asset management arm by a cumulative €350 billion by 2030, heavily reliant on growth in private credit, real estate, and infrastructure. Sandro Pierri, head of BNP Paribas Asset Management, told the Financial Times that while US investors have flooded into private credit vehicles recently, Europe remains a smaller market, more insulated by investor protection norms and lacking the US's perceived fundamental credit quality deterioration. He emphasized that European regulation is 'much more fit for purpose' against mis-selling, and wealthy individuals have only begun to participate significantly.

The bank expects retail investors and high-net-worth clients to drive nearly two-thirds of its alternative assets under management growth by 2028. This push follows its €5.1 billion acquisition of Axa's investment management arm last year, propelling it to Europe's third-largest asset manager after Amundi and UBS. BNP projects assets under management will grow about 5% annually, with revenue from asset management rising 4% yearly, though it's cutting 1,200 jobs (20% of headcount) in the unit through voluntary departures.

Other European banks like Deutsche Bank and Amundi are also expanding private credit offerings despite industry jitters.