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.

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