BNP Paribas boosts alternatives offering
BNP Paribas has increased its stake in Canadian investment management group Innocap while bringing three hedge fund specialists from HDF Finance into its newly established THEAM team.
THEAM, BNP Paribas Investment Partners’ specialist in index, active systematic, guaranteed and alternative investment, has made these hires and increased its stake in Innocap in an attempt “to become an international player in liquid and transparent alternative investments,” Gilles Guérin (pictured), chief executive of THEAM, declared.
It brought on board all three – Eric Debonnet, Thierry de Rycke and David Gilleron – from Paris-based fund of hedge funds, HDF Finance, where they were on the investment committee.
Debonnet (pictured below) will lead a Paris-based team of nine people dedicated to hedge fund solutions. He was previously a member of the executive and investment committees of HDF Finance.
Thierry de Rycke and David Gilleron will be responsible for hedge fund investments as co-chief investment officers. Both were on the investment committee at HDF finance where they also held portfolio management roles.
Today has been a busy day of moves for French alternatives fund managers.
Separately, Axa Investment Managers has named Francisco Arcilla, previously co-head of investments at rival EIM, as global head of AXA funds of hedge funds, a €4bn unit established in 2005.
Arcilla will report to Thibaud de Vitry, global head of AXA IM’s investment solutions business.
Dominique Carrel-Billiard, AXA IM chief executive, said having tailor-made solutions, rather than just funds, was now key to success in the fund of hedge funds industry.
At EIM since mid-2008, Arcilla had responsibility for a team running portfolio management and manager selection for $7.5bn of client assets.
He was also a member of EIM’s global investment committee, and has been managing director of Santander’s European proprietary trading business, and director of credit arbitrage at KBC Alternative Investments.
THEAM has also increased its stake in Innocap Investment Management, a managed account solutions provider, from 25 to 50%.
Innocap, originally a wholly owned subsidiary of the National Bank of Canada, has been offering hedge funds strategies since 1996. In 2007 it evolved to become a partnership between National Bank of Canada and BNP Paribas.
THEAM, established in April 2011, is the result of a joint project between BNP Paribas CIB and BNP Paribas Investment Partners. It combines the SIGMA teams from BNP Paribas Asset Management with those of Harewood Asset Management which was created in 2004 by BNP Paribas CIB.
THEAM currently offers a hedge fund, alternative Ucits and managed account services including manager selection, hedge fund strategy allocation, risk management and portfolio construction as well as managing open-ended fund of funds. Clients include institutions and wealth managers and total assets stand at an estimated €49bn.
Harewood, a wholly owned subsidiary of BNP Paribas Investment Partners, has approximately €4.2bn in assets under management and is regulated by the AMF, the French regulator.