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BNP Paribas Buys Javelin Fund Operation from Zurich

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PARIS (–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.

BNP Paribas plans to use the Javelin fund, which is a multi-manager, multi-strategy leveraged fund, as the basis for the issuance of structured products, the statement said. The sale would boost BNP Paribas Fauchier Partner’s assets to US$1.9 billion.

BNP Paribas last year agreed to purchase the structured products business of Zurich Capital Markets from Zurich Financial, a deal that represented a substantial portion of the entire Zurich Capital operation (see) Zurich Financial is restructuring to focus on its insurance businesses. In October, Zurich’s old hedge fund index operation was spun out into a standalone operation called Lyra Partners, New York (see ).

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