TAIWAN - BNP Paribas Investment Partners will strengthen its asset management presence in Asia with a new joint venture in Taiwan.
The investment firm has partnered with Taiwan Cooperative Bank (TCB) to create an independent fund management firm, of which it will own 49%.
Institutional investors will be a key part of the company's business, including pension funds, charities, schools and insurance firms. The firm will also target domestic investors.
BNP said it will be tapping into a huge demand for financial planning raised by an aging population.
"This alliance ties in perfectly with our strategy of building a network of partners with which we share high standards and common values," said Philippe Marchessaux, BNPP IP chief executive.
Deng-Cheng Liu, chairman of TCB, said that the deal will "write a new page in the history of Taiwan's fund industry".
He hopes that by exploiting the marketing capabilities of TCB with the investment clout of BNP, the joint venture will be well positioned to benefit from the fast-growing economy of the island.
"Since the financial crisis struck in 2008 the global economy has faltered, but emerging markets have proved their resilience and have the potential to produce very rapid growth in the years ahead," Liu said.
TCB has a network of 300 branches and is a market leader in loans and deposits in Taiwan.
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