HONG KONG -- BNP Paribas Asset Management aims for its wealth management venture in China to break even by the end of 2026, even as it warns that risk-averse investors and nearly identical wealth products are creating headwinds for foreign banks looking to tap the multitrillion-dollar market.
Alexandre Werno, CEO of BNP Paribas ABC Wealth, recently discussed the outlook for the four-month-old company in an interview with Nikkei Asia. The joint venture is between BNP Paribas Asset Management, the majority owner, and the wealth management unit of Agricultural Bank of China (ABC), one of the country's biggest state-owned banks.
