FRANCE – BNP Paribas Asset Management says it has agreed to buy the Javelin fund of hedge funds business from Zurich Financial Services’ ZCM Investor Capital arm.

“BNP Paribas Asset Management has signed an agreement with ZCM Investor Capital Inc. to acquire the Javelin fund of hedge funds business,” the French bank said in a statement. Financial terms of the transaction were not disclosed.

It said the business would be managed by BNP Paribas Fauchier Partners, a London-based joint venture which specialises in funds of hedge funds. The deal will see the 650 million-dollar fund’s management move to London from New York.

“The Javelin Fund will extend BNP Paribas Fauchier Partners' existing range of fund of hedge funds products and is expected to be one of the main vehicles for the issuance of structured products by BNP Paribas Fauchier Partners,” the bank said. The deal will take the Fauchier unit’s assets under management to 1.9 billion dollars.

BNP Paribas Asset Management has around 168 billion euros in assets under management. Its alternative and structured investments arm has more than 18 billion euros under management.

Zurich has been selling business and revamping its management in a bid to focus on its “core” general and life insurance businesses.

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