Gilles Glicenstein, managing director of BNP Paribas Asset Management, is not in the habit of throwing his firm's money around.

Rather than making large US acquisitions in the grand style of French rivals CDC Ixis and Société Générale, he has made the most of a string of joint ventures, while keeping costs under control. He says: "You can be optimistic and take risks by making five acquisitions, of which three might succeed. Or, like us, you can be more focused and specialised. We do not expect the market to help us."