By Joshua Kirby

BNP Paribas SA said Wednesday that it is acquiring a majority stake in Dutch asset manager Dynamic Credit.

Dynamic Credit has 9 billion euros ($10.62 billion) in assets under management--primarily in Dutch mortgages--, which is close to the EUR11 billion currently managed by BNP Paribas Asset Management's private-debt and real-assets divisions, the French bank said. It will be incorporated into the division, where it will operate as a separate entity under Dynamic Credit founder and Chief Executive Tonko Gast.

The acquisition is in line with BNP Paribas Asset Management's strategic focus on expanding its investment platform, the bank said.

BNP Paribas didn't disclose the financial details of the acquisition, which is subject to regulatory approval.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

September 15, 2021 05:20 ET (09:20 GMT)

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