M and A
BNP Paribas Adds To Boutique Lineup From Fortis Merger
BNP Paribas Investment Partners has increased its network of
boutique fund businesses from 20 to 26 following its recent
merger with
Fortis Investments.
The new boutiques include
Fortis Investments India,
Fortis Investment Partners Australia,
PT Fortis Investments Indonesia,
Fortis Haiton Investment Management China,
KIT Fortis Investments Russia, and Nordic asset manager
Alfred Berg.
The merger had resulted in a new entity that has a total of €522
billion ($776 billion) in assets under management. The other
Fortis units that were not included in the list of boutiques have
been integrated into BNPP existing operations.
BNP Paribas Fortis now employes 18,000 people in Belgium,
Fortis' home country, and 34,000 all over the world.
"We have combined complementary businesses and are building a new
asset management business," said
Philippe Marchesseaux, the head of BNPP IP and chief
executive officer of BNP Paribas Asset Management, in a
statement.
BNP said last week that it now expects higher savings from the integration, from €500 million to €900 million ($1.35 billion) by 2012. The company also noted that it is not planning on making any major acquisitions for the meantime.