FRANCE/SPAIN - BNP Paribas España is set to boost its presence in the European private pensions market following the acquisition of JPMorgan Chase's Spanish asset management and private banking businesses.
The deal, which is still subject to regulatory approval, will integrate Chase Manhattan Ahorro and Chase Manhattan Previsión into French bank BNP Paribas. Details of the agreement have not been disclosed.
The transaction represents the transfer of more than EUR750m assets under management. BNP Paribas already has some EUR2.5bn in assets under management throughout Spain. The transaction will boost the number of its mutual and dedicated funds managed locally.
Head of Territory for BNP Paribas in Spain Ramiro Mato said: [As] a complement to the Parvest mutual fund range, the combined local fund range will represent a compelling proposition in the Spanish asset management market, with an excellent mix of investment strategies and solid track records, boosting important synergies with other group activities, such as securities brokerage, clearing and custody.
The transaction will not affect the activities of JPMorgan Private Bank or JPMorgan Fleming Asset Management in Spain.
Head of private banking at Chase Alfonso Martinez Parras now joins the management committee of BNP Paribas Private Bank in Spain.
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