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BNP Paribas Asset Management, the fund management arm of the French banking group, is considering funding specialist start-up asset managers as it reorganises the roles of some of its top executives.

Gilles de Vaugrigneuse, chairman of BNP PAM Group, the asset manager's holding company, is moving to a non-executive position where he will develop new asset management projects.

One of these will be the incubation of satellite fund managers, which BNP Paribas Asset Management said could take advantage of the trend for fund managers to launch their own specialist investment outfits.

At the same time, Gilles Glicenstein, chief executive officer at BNP Paribas Asset Management since 1999, has been appointed head of asset management and chairman of BNP PAM SAS, the business's main asset management company.

He will start his new job at the beginning of next month.

Glicenstein has played a key role in structural changes implemented at BNP Paribas Asset Management in recent years, including the introduction of multi-management and alternative asset management.

He was also behind the acquisitions by BNP Paribas of Fisher Francis Trees and Watts, the US fixed income manager and CooperNeff Advisors, the hedge fund manager.