FRANCE - BNP Paribas Asset Management has acquired the $650m (e534m) Javelin fund of hedge funds from ZCM Investor Capital, a US-based subsidiary of Zurich Financial Services, for an undisclosed amount.
This business will be managed by BNP Paribas Fauchier Partners, BNP PAM’s subsidiary specialised in funds of hedge funds.
On completion, ZCM’ fund management team, currently based in New York, will move to London where BNP Paribas Fauchier Partners is based.
Francois Hullo (pictured), head of business development, BNP Paribas AM said: “We want BNP Paribas Fauchier Partners to be one of the leading players in fund of hedge funds in Europe and with this acquisition, funds under management have risen to over $2bn which we think is a critical size for this business.
“However, we will continue to look to grow externally through other acquisitions. We plan to have $4-5bn assets under management by the end of 2005 and position ourselves as one of the top five players in hedge funds.”
A fund statement said that the Javelin Fund will extend BNP Paribas Fauchier Partners’ existing range of fund of hedge funds products and is expected to be one of the main vehicles for the issuance of structured products by BNP Paribas Fauchier Partners.
This acquisition is expected to significantly strengthen BNP Paribas Fauchier Partners’ presence in the fund of hedge funds market, the statement added.
The Javelin fund is a multi-strategy, multi-manager, leveraged fund that has operated for almost four years and has a diversified client base in Europe and in Asia.
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