BNP Paribas and AXA Investment Managers (AXA IM) have signed an agreement on 20 May, 2009, by which AXA IM transfers the operational management of the remaining ETFs (Commodities, Real Estate, Sector, Credit and Infrastructure) to BNPP AM, representing a total of 22 funds with €1.3 billion of assets under management as at 30 April 2009.…
Thibaud de Vitry, Global Head of AXA IM Investment Solutions said, “We are proud of what we have accomplished with BNPP AM during the past four years of our partnership. The changes in the economic environment and the reinforcement of a number of strategic choices for AXA IM have brought us to reconsider the relevance of our presence in the ETF market. The EasyETF range has reached a stage of maturity where it appears to be more suitable to have a single pilot, and we are delighted that BNPP AM is taking on that role.”
Once the transaction is complete, the whole EasyETF range will be integrated and managed by a single management team, within SIGMA, the index tracking, structured products and risk allocation department of BNPP AM.
Denis Panel, Head of SIGMA, BNPP AM’s index tracking, structured products and risk allocation department, said, “BNP Paribas Group firmly believes in the development potential of the ETF market and that is why today our asset management subsidiary, BNPP AM, is taking over the management of the EasyETF range, now totalling €3.4 billion of assets under management and which was until now shared with AXA IM since the creation of the partnership in 2005.” He added, “Through this agreement, BNP Paribas is placing ETFs at the heart of its development, by bringing together the full range of its asset management and investment banking expertise. We maintain close relationships with the AXA IM teams, to ensure the continuity of the management of our products and the protection of our clients. ”
The transaction should be brought to a conclusion before the end of 2009, following approval from regulatory authorities in France and Luxembourg.
Source:ETFWorld.co.uk -BNP Paribas et AXA IM
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