The transaction, which is still subject to regulatory approvals, represents the transfer of more than 750 million euros of assets under. It is expected to be completed as soon as possible. The terms of the agreement have not been disclosed.
The acquisition enables BNP Paribas to become a leading international institution in the Spanish high net worth market, with nearly 2.5 billion euros in assets under management and 17 private banking offices throughout Spain. The transaction will result in a significant broadening of the range of mutual and dedicated funds managed locally by BNP Paribas Asset Management. This acquisition is in line with BNP Paribas' strategy to grow its private banking and asset management activities in the most attractive European domestic markets.
Vivien Levy-Garboua, Head of BNP Paribas' Asset Management & Services division said : "This acquisition is part of our strategy of selective external growth. It enables us to consolidate our position as one of the international leaders in the Spanish asset management and private banking industry." Ramiro Mato, Head of Territory for BNP Paribas in Spain added : "In addition, as a complement to the Parvest mutual fund range, the combined local fund range will represent a compelling proposition in the Spanish asset management market, with an excellent mix of investment strategies and solid track records, boosting important synergies with other group activities, such as securities brokerage, clearing and custody".
The transaction does not affect the activities of JPMorgan Private Bank or JPMorgan Fleming Asset Management in Spain, both integral parts of JPMorgan's strategic business agenda for the Spanish market. "This sale is consistent with our global strategy of focusing on institutional asset management and services for ultra high net worth clients", said Emilio Saracho, JPMorgan's senior country officer in Spain and Portugal.
"We are delighted at the prospect of sharing with Chase clients our know-how in the private banking industry. They will benefit from a broad range of products and services, specifically tailored to address the wealth management needs of high net worth individuals." said Luis Hernandez, Head of BNP Paribas Private Bank in Spain.
"Our teams are excited by the opportunity to join BNP Paribas' private banking and asset management operations. We will continue to serve our clients with quality products and innovative solutions, as we have been doing at Chase over the years," said Alfonso Martinez Parras, Head of Private Banking at Chase, who will join the Management Committee of BNP Paribas Private Bank in Spain.
"BNP Paribas has long been considered a provider of choice for asset management and private banking services, and we will be working with BNP Paribas over the next several months to ensure continued service excellence and a seamless transition for the Chase clients," said Emilio Saracho, JPMorgan's senior country officer in Spain and Portugal.
Notes to Editors :
J.P. Morgan Chase & Co. (www.jpmorganchase.com) is a global international financial services firm with assets of $713 billion and operations in more than 50 countries. With relationships with over 99% of the Fortune 1000 companies, the firm is a leader in investment banking, asset management, private banking, private equity, custody and transaction services, and retail and middle market financial services. A component of the Dow Jones Industrial Average, JPMorgan Chase is headquartered in New York and serves more than 30 million consumer customers and the world''s most prominent corporate, institutional and government clients.
For more than 150 years, JPMorgan Private Bank has been a leader in providing advice and customised solutions to wealthy individuals and their families across Europe and around the world. We help our clients meet their own unique goals through investing, tax and estate planning, family office management, credit, philanthropy, and special advisory services. Our integrated approach, integrity, and commitment to client service has made us an advisor of choice to those of significant wealth in Europe, where we have relationships with 30% of the Forbes-ranked billionaires.
BNP Paribas (www.bnpparibas.com) is a powerful and efficient financial services group, with solid roots in Europe, leading positions in Asia and an active presence in the United States. It is the first bank in terms of net income and market capitalisation in the Euro zone. The group has one of the largest international banking networks with a presence in 85 countries and more than 85,000 employees, including 65,000 in Europe. BNP Paribas enjoys key positions in Corporate and Investment Banking; Private Banking, Asset Management, Insurance, Securities Services and Retail Banking.
BNP Paribas Private Bank (privatebank.bnpparibas.com), the private banking arm of BNP Paribas, ranks among the top 10 players world-wide in its field, with over 100 billion euros in assets under management. No. 1 in France, BNP Paribas Private Bank is rapidly growing its presence in all major international private banking centres in Europe and Asia.
BNP Paribas Asset Management is one of the leading European asset managers, with assets under management of 168 billion euros on behalf of institutional and private clients. In particular, it is one of the largest distributor of mutual funds in the Euro zone. It is active in some 20 countries and employs nearly 1,400 people.