Global investment house BNP Paribas Asset Management (BNP PAM) and hedge fund specialist Fauchier Partners have set up a joint-venture to manage BNP PAM's funds of hedge funds.
BNP Paribas Fauchier Partners - a European first - will oversee BNP PAM’s existing funds of hedge funds and develop products for global institutional and private clients.
Currently, BNP PAM manages EUR9.5bn in alternatives and aims increase this figure to EUR40bn by 2006. The firm also plans to recruit more than 30 people soon to develop its activities.
Gilles Glicenstein, BNP PAM’s managing director said: “We have chosen this innovative solution because we believe a separate entity will enable us to combine the entrepreneurial approach which is crucial to the success of hedge fund management, the independence in the selection process and the strengths and dynamism of a global institution.
“Furthermore thanks to this joint venture, new products will be available very rapidly”, he added.
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