BNP Paribas Asset Management will announce today that it is promoting recent hire Steven Billiet to become its new chief executive for Asia Pacific, replacing Ligia Torres from August 8.
Torres is retiring from the French fund house and will return to Europe next month, according to a press release shared exclusively with AsianInvestor ahead of its wider distribution.
Billiet joined BNPP AM as Asia Pacific head of distribution in Hong Kong in May and will retain that function in his new role. He reports to Sandro Pierri, global head of client group, and to Eric Raynaud, Asia Pacific head of BNP Paribas.
Billiet had previously been Singapore CEO at JP Morgan Asset Management, where for six years he oversaw the local set-up and all client segments in Southeast Asia and Korea.
“He will be responsible for further accelerating the strategic expansion of BNPP AM’s Asia Pacific business and will facilitate a more integrated approach to driving growth in the region,” the release said.
The firm has €408 billion ($468.2 billion) under management globally, but declined to break out the figure for Asia Pacific.
At the time that AsianInvestor broke news of Billiet’s move to BNPP AM, a source familiar with the firm said it had been moving to consolidate all Asia Pacific distribution under one individual.
In addition, well-placed sources had told AsianInvestor at that time that they saw Billiet as a likely future replacement for Torres, who had spent 23 years with BNP Paribas group, and seven of those with the asset management arm.
Before joining JP Morgan AM in January 2014, Billiet had spent 19 years with ING, most recently as CEO of the Asia Pacific investment management business.
Following his departure in May, JP Morgan AM in April unveiled Sherene Ban as its new head of Singapore and Southeast Asia. She was previously London-based head of the US firm’s global beta investment specialist team.
Her responsibilities have been taken on by Robert Stewart, global head of the investment specialist team in JP Morgan AM's multi-asset solutions business.