BNP Paribas Asset Management has announced a change in the delegation of the Parvest Australia Equity fund.
The strategy, whose management was hitherto delegated to Sydney-based boutique Arnhem Investment Management, will be run by BNP Paribas Asset Management Asia as from August 2018.
The change comes in the aftermath of Arnhem’s decision to wind down its Australian and global equity businesses. BNPP AM had owned 40% of the firm’s capital and had been responsible for the administration and distribution of the shop’s strategies since Arnhem’s establishment in 2010.
In July, Arnhem has become fully owned by the investment team, that includes among others managing partners George Clapham, Mark Nathan and Neil Boyd-Clark, all three having been former founding members of ABN Amro Asset Management’s Australian equity team in 2000.
The Parvest Australia Equity fund had AUD45.4m (€28.7m) of assets under management as at 30 July 2018.