J.P. Morgan picks BNP Paribas for novel French fund
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J.P. Morgan picks BNP Paribas for novel French fund 21 January 2014Luxembourg Reporter: Georgina Lavers
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After implementing the passport of its Luxembourg management company in France, J.P. Morgan Asset Management has chosen BNP Paribas Securities Services as depository bank and fund administrator for its first France-domiciled fund based on this model.
To distribute funds in France with French institutional investors, the management company already relies on BNP Paribas’ capacity, through a dedicated fund hosting product, to offer overall solutions “featuring local expertise and proven experience in risk management,” said a statement.
The passport is a new way for the bank to assist management companies in their international distribution.
“France is the first country where we have set up this passport, which was established by the UCITS IV directive, in order to offer our clients products constituted under local law featuring integrated management and a French custodian”, said Jon Griffin, managing director of J.P. Morgan Asset Management (Europe) SARL.
“We obtained AMF approval for a first fund constituted under French law and managed on the basis of this model for an institutional client and we can now offer tailored services to other clients, both institutional and distributors”, said Karine Szenberg, managing director of J.P. Morgan Asset Management in France.
The project is part of J.P. Morgan Asset Management’s development strategy in France. The Paris office achieved inflows of $1.28 billion into long-term products in 2012 and $1.2 billion in 2013.
Jean-Marc Pasquet, head of France and Belgium at BNP Paribas Securities Services, said: “We are delighted to have once again been at the side of J.P. Morgan Asset Management in this expansion in the French market, thanks to this new offer of a passport for European management companies. In international distribution, our range of solutions is broad enough to offer solutions tailored to the particular needs of each of our clients.”
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