FRANCE - BNP Paribas Asset Management has launched three hedge funds as part a push into the alternative asset arena.

The SingleHedge Market Neutral fund will be domiciled in Ireland while the SingleHedge Global Macro and the SingleHedge Trend Fund are French domiciled.

"These funds are managed out of Paris by a specialised team, which already has a six-year experience in managing those strategies and rely on a strong quantitative research capacity," the firm said in a statement.

The new products target 10%-15% return with a five to 10% volatility. They would support the cash products which it is promoting in France.

The asset manager says it is pursuing an "ambitious development plan in the alternative arena, already managing USD 15 billion in Alternative and Structured Investments.

It plans to launch other hedge funds, such as a long/short equities. In the first quarter of 2004,

BNP Paribas AM recently hired Olivier Rudigoz from Merrill Lynch Investment Managers to be product head for euro Equities.

"BNP Paribas Asset Management is pursuing its ambitious development plan in the alternative arena, already managing USD 15 billion in Alternative and Structured Investments.

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