BNP Paribas Investment Partners has promoted Christian Bucaro to chief executive for Singapore, replacing Tan Puay Lit, who has taken time off to pursue personal interests, AsianInvestor can reveal.

Bucaro retains the role of Asia-Pacific head of private wealth at the French firm, which he has held since January 2014. He reports to Ligia Torres, head of Asia Pacific, and Tino Moorrees, head of Asia sales.

When asked how far BNPP IP had gotten in building a business for the Asean collective investment scheme (CIS), Bucaro made no direct comment.

He noted that the CIS had shown some progress this year and that he was optimistic of further development of both that scheme – and the Asia Region Funds Passport – with a view to creating a pan-Asian fund distribution platform

“Eventually, the CIS will play a significant role in the integration of Asean capital markets,” he said, “with all countries aligned on the benefits of a common platform.”

Meanwhile, BNPP IP’s main focus in Asean markets outside Singapore is on providing feeder-fund structures and sub-advisory services to markets such as Malaysia and Thailand. For the sub-advisory partnerships, Bucaro said the firm was leveraging its multi-asset and US mortgage capabilities.

Asked what product demand he was seeing in Southeast Asia, Bucaro pointed to appetite for investment solutions that could help clients better manage market volatility and drawdown of their portfolios. As examples of relevant strategies, he cited those focused on multi-asset income, liquid alternatives, low volatility and absolute return.

Bucaro has been with BNPP IP for more than a decade, having joined in 2005 in Italy, where he set up a retail business development team. In 2008, he moved to London where he held several senior roles, including deputy head of global distributor relationships. He joined the Singapore office in 2012 as team head of distribution sales for Southeast Asia.