ITALY - BNP Paribas has bought the fund of hedge funds (FoHF ) business from Depo Bank to reinforce its strategic commitment to Italian institutional investors, asset managers and pension funds.
Mauro Dognini, deputy head of BNP Paribas Securities Services Milan, said: “The FoHF industry in Italy is growing rapidly and the acquisition of RasBank Banca Depositaria business, which covers 57 funds, was a very attractive opportunity to expand our strong presence in Italy.
“This acquisition is another major confirmation of the strong commitment of BNP Paribas to provide securities services to Italian Institutional Investors, and to asset managers and pension funds in particular,” said Dognini.
Depo Bank, owned by RasBank, has increased its assets under administration (AuA) to €9.8bn.
The deal was expected to be finalised on 31 October and was subject to approval from the regulatory authorities.
BNP Paribas will be keeping all 11 staff within the FoHF office and they will relocate to BNP Paribas' premises in Milan.
Prior to the acquisition from RasBank (part of Allianz Group), BNP Paribas globally administered over 330 FoHFs with a value of €27bn.
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