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Acropole Asset Management selects BNP Paribas Securities Services as global custodian and fund administrator

London/Paris – Acropole Asset Management (Acropole AM), the first investment manager in France exclusively dedicated to the management of convertible bonds, has selected BNP Paribas Securities Services (BNP Paribas) as global custodian and fund administrator. BNP Paribas will also provide investment compliance monitoring and transfer agency services to Acropole AM.

Created in September 2006, Acropole AM currently manages approximately EUR 180 million, predicted to grow to EUR 800 million by the end of 2008.

Commenting on the appointment, Nathalie Sabathier, Director of Strategic Development at Acropole AM, said: “Our goal is to become a leader in the management of convertible bonds in Europe. To accompany our growth we were looking for a securities services partner who had a strong presence in European and international markets, a broad range of services and a proven track record. BNP Paribas was able to meet our needs in all these areas.”

Bernard Blaud, Head of Sales for BNP Paribas Securities Services in France, added: “We are delighted with our new partnership with Acropole AM. This mandate underlines our commitment to accompany our clients' business development, and to deliver innovative solutions to needs that are continuously evolving.”

BNP Paribas Securities Services:
BNP Paribas Securities Services is a leading securities services provider to the world's financial institutions, with a local presence in all key European markets as well as in the US and Australasia. With 4,200 dedicated staff in 18 countries, BNP Paribas Securities Services has over 700 clients, including 8 of the world's top 10 investment managers, and a global custody network covering 90 markets. It holds over EUR 3.4 trillion of assets under custody (Sept 2006) and EUR 570 billion of assets under administration for 4,500 funds worldwide. The bank also provides performance, attribution and risk-management analysis for 2,500 investment portfolios, and in 2005 processed over 27 million securities transactions.

About Acropole AM:
Founded by Jacques Joakimides, Emmanuel Martin, Nathalie Sabathier and Hubert Lemoine, Acropole AM is the first asset management company in France fully dedicated to convertible bonds. The founding members own 51% of the shareholding structure, Cheyne Capital Management owns 33.5%, UFG Investment Managers owns 14.5% and Matmut owns 1%. Acropole AM aims to manage and sell both long-only and arbitrage fund. Acropole AM's investment philosophy is to focus on mixed convertible bonds because of the positive convexity they offer. The company, whose aim is to become a European leader in the management of convertible bonds, targets institutional investors, among which insurance companies and pension funds, private banking & retail, and funds of funds. By the end of December 2006, Acropole AM will have approximately €180 million of assets under management (AUM), through its two long-only funds: “Acropole Convertibles Europe “ and “Acropole Convertibles Monde”, and aims to reach €800 million of AUM by the end of 2008.