National Bank of Canada (NBC) and BNP Paribas have formed a joint venture offering hedge fund managed accounts, they have said in a statement.
The joint venture occurs after BNP Paribas’ acquisition of a stake in Innocap Investment Management Inc., a subsidiary of NBC, which specializes in hedge fund managed accounts.
Innocap currently advises on over $2bn of assets and provides active daily monitoring of alternative funds.
“I’m delighted by the creation of this partnership,” said Yann Gerardin, global head of BNP Paribas Equities and Derivatives. “Innocap offers a powerful platform with full-fledged high-tech risk monitoring, control, liquidity and transparency to investors. These capabilities will enable us to create a new generation of structured products, which we expect will have broad appeal to an international client base.”
In Global Custodian’s latest prime brokerage survey, published in spring of 2007, we said the newly formed prime brokerage group at NBC had an “impressive debut” and achieved strong scores. BNP Paribas’ scores were less impressive, though we expect it will attempt to make a return on its investments this year.
Read more about these hedge fund managers in GC’s 2007 Prime Brokerage Survey here: