The French bank BNP Paribas has set out a "growth plan" for its asset management division involving internal restructuring, expansion of its private debt business and the retiring of a storied name in US fixed income.

BNP Paribas is streamlining the structure of its €580bn asset management unit, currently known as BNP Paribas Investment Partners and consisting of around 20 joint-ventures and subsidiary operations, many of which are separately branded.