WEST PALM BEACH, FL (HEDGECO.NET) – Fauchier Partners, an investment management subsidiary of BNP Paribas has purchased the Javelin fund of hedge funds according to released statement. Javelin fundof hedge funds has about US$650 million in assets, and is owned by Zurich Financial Services.
Javelin funds began its hedge fund management obligations about 4 years ago, and have clients in Europe and Asia, according to published reports. Its fund of hedge funds is a multi-strategy and multi-manager fund. BNP Paribas Fauchier Partners, an investment management subsidiary of BNP Paribas Asset Management, will manage the new operations. Total investor assets to be managed by the group are almost US$2 billion.
Zurich fund management team, are currently based in New York, but this sale will mean that the investment staff will be moving over to London, where the new firm will be based according to the report.
Undoubtedly this acquisition will help BNP Paribas Fauchier Partners consolidate its hedge fund management efforts, ensuring some degree of continuity to its managed obligations. This will be the major asset management channel for the firm to deliver its alternative investment vehicles.
BNP Paribas Asset Management is a wholly owned investment arm of BNP Paribas, a global investment manager with international offices in more than 20 countries, managing over US$200billion in investor assets.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
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