| BNP Paribas Investment Partners acquires 49.96% of Fund Channel, a CAAM subsidiary |
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07/09/2009 16:24 (888 Day 03:26 minutes ago) | |||||
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The FINANCIAL -- BNP Paribas Investment Partners (BNPP IP) has joined forces with Crédit Agricole Asset Management (CAAM) to create one of the top European providers of fund distribution services.
Fund Channel, a fund distribution logistical platform wholly owned by CAAM Luxembourg, is selling a stake to BNPP IP. The resulting joint venture, which will be owned 50.04% and 49.96%, respectively, by the two companies, has received the go-ahead from both the Luxembourg regulator, Commission de Surveillance du Secteur Financier, and the European Commission.
The deal will make Fund Channel one of the leading European players in the field of logistical support for fund distribution. Going forward, the assets under administration for entities and external clients of the Crédit Agricole and BNP Paribas groups will be handled on the same platform.
Relying on a network of more than 75 institutional clients in Europe, Asia, the Middle East and Latin America, Fund Channel provides access to over 10,000 investment funds managed by 197 management companies, with total assets under management in excess of 20 billion euros.
CAAM wants to leverage the agreement between the two firms in order to speed up Fund Channel’s development. Commenting, Jean-Paul Mazoyer, Head of Development for CAAM Group, said: "We are proud to sign this agreement, which should significantly improve Fund Channel’s trading capacity for the benefit of its clients". Fund Channel Managing director Guillaume Abel added: "By strengthening Fund Channel’s position in Europe, the agreement will create marketplace opportunities for us since many institutional investors are determined to improve their organisational structure and boost their revenues".
Philippe Marchessaux, Head of BNPP IP, commented: "This partnership will strengthen BNP Paribas Investment Partners’ leadership in the open architecture industry, where we have built strong positions through our multi-management subsidiary FundQuest". Charlotte Dennery, CEO of FundQuest, added: "This agreement gives our clients a unique opportunity to take advantage of Fund Channel’s unrivalled technological services and to access a broader array of services".
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