PARIS (HedgeWorld.com)–BNP Paribas Asset Management agreed to purchase a US$650 million hedge fund operation of ZCM Investor Capital Inc., a U.S. unit of Zurich Financial Services, Zurich, Switzerland.
As part of the deal, the New York-based management team for ZCM Investor and a fund of funds it manages, Javelin Fund, will move to BNP Paribas Fauchier Partners, according to a statement from BNP Paribas. Terms of the deal were not disclosed.
BNP Paribas Fauchier Partners is a joint venture hedge fund and fund of funds operation with Fauchier Partners Ltd., London.