CANADA: National Bank of Canada (NBC) and BNP Paribas have set up hedge fund managed accounts aimed at pension funds.
According to the banks the funds would be managed by Innocap, a NBC subsidiary which BNP Paribas has invested in.
The banks said Innocap currently advised on over USD 2 billion of assets and provided active daily monitoring of alternative funds, with transparency on underlying positions and on the setting of adequate risk limits an investment guidelines.
They said Innocap would additionally monitor operational risk, and advise on, along with third party service providers, all key operations for the funds.
Global Head of BNP Paribas Equities and Derivatives, Yann Gerardin, said: "Innocap capabilities will enable us to create a new generation of structured products, which we expect will have broad appeal to an international client base."
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