The first such stand-alone operation in Europe combines the strength and reach of BNP Paribas' distribution capacity and its increasing commitment in Alternative Asset Management, with Fauchier Partner's leading expertise in Hedge Fund selection and the construction of tailor-made funds of Hedge Funds.
The joint-venture company, to be called BNP Paribas Fauchier Partners Ltd, will be responsible for managing all of BNP PAM's existing funds of Hedge Funds and for developing products for institutional and private clients on a global basis. It will operate on a stand-alone basis alongside Fauchier Partners' existing business.
This joint venture is a key component of BNP Paribas' plan to develop its activities in the field of Alternative Asset Management where BNP PAM intends to recruit soon more than 30 people.
Commenting on the new joint venture, Gilles Glicenstein, Managing Director of BNP PAM said: "We have chosen this innovative solution because we believe a separate entity will enable us to combine the entrepreneurial approach which is crucial to the success of Hedge Fund management, the independence in the selection process and the strengths and dynamism of a global institution. Furthermore thanks to this joint-venture, new products will be available very rapidly."
Patrick Fauchier, Chief Executive of Fauchier Partners, commented: "This joint-venture brings a significant additional dimension to Fauchier Partners' business, enabling us to offer our Hedge Fund expertise to a broader range of clients world-wide".
Notes to Editors:
BNP Paribas Asset Management
With 165 billion Euros of assets under management, BNP PAM ranks among the leading European players.
Its Alternative, Structured and Quantitative Asset Management activities cover the whole range of non-traditional asset management. Its ambition is to become one of the major players in this field, growing the present assets under management of 9.5 billion Euros to 40 billion Euros within the next five years.
Fauchier Partners is one of Europe's leading specialist firms dedicated to the construction and management of customised portfolios of Hedge Funds. Established in 1994, Fauchier Partners has developed a strong track record in creating value for clients through its acknowledged expertise in the complex field of Hedge Funds. The firm's principals have, between them, long experience in this area. The firm's clients include institutional investors, major European corporations, academic institutions and family groups. Fauchier Partners advises a number of listed ‘Funds of Funds'.