170 staff members from the BNP Paribas Group have moved into Exane offices, mainly in Paris and London. This brings Exane BNP Paribas' front line brokerage and research staff to 250 (analysts, sales, sales traders, market makers, dealers) compared with 150 for Exane alone.
The new name of Exane and BNP Paribas equity brokerage activities is now Exane BNP Paribas.
Research teams, including around 100 analysts, will be based in Paris and London. Sales and sales trading will be based in Paris and London, as well as New York, Frankfurt, Milan, Geneva, Zurich and Singapore.
The aim is to build a strong and recognised European equities research brand within 5 years.
From the start, Exane BNP Paribas will have the critical size necessary for coverage of European stocks and clients. The alliance creates two pillars on which to build the venture's development: a strong franchise in a significant number of European sectors and leadership in French equities.
BNP Paribas now owns 50% of Verner Investissements, the partnership that controls the Exane Group. The partners retain the remaining 50% and have the majority of voting rights.
Exane's present management will run the alliance and European equity broking activities in complete independence.