BNP Paribas Asset Management is transferring a 15-strong team of credit managers from Paris to London as it plots the future UK expansion of Fischer Francis Trees & Watts, the US-based bond manager it purchased in June this year.

The team will join Philippe Lespinard, BNP Paribas' former Paris-based chief investment officer who moved to London earlier this year to become deputy chief executive of Fischer. The building of Fischer in London signals the French fund manager's desire to grow its UK presence internally. BNP Paribas had originally planned to buy a UK bond business or hire a London-based investment team after withdrawing from the final bidding for the UK fixed-income business of Deutsche Asset Management last year. Deutsche was eventually bought by Aberdeen Asset Management. Gilles Glicenstein, president of BNP Paribas Asset Management, said the company was finalising the transfer details for its credit portfolio managers, but expected it to take place early next year.