National Bank of Canada and BNP Paribas announced Wednesday that they have formed a joint venture that will offer hedge fund managed accounts to retail and institutional investors. BNP is acquiring a stake in the bank’s subsidiary, Innocap Investment Management, which specializes in hedge fund managed accounts.
The companies’ goal is to make Innocap, which oversees $2 billion in assets that it monitors daily for risk limits and investment guidelines, the leading provider of managed accounts for investors worldwide.
“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.”