BNP PAM makes special effort for German market

Demand from distributors was the impetus behind plans for a range of capital guaranteed products. BNP Paribas Asset Management (BNP PAM) is designing a new range of products for the German market. Josef Altmann, deputy head of global funds Germany, revealed that BNP PAM would launch several capital guaranteed products this year in response to demand from banks, insurance companies and independent financial advisers (IFAs). Mr Altman stressed that the new vehicles would be “highly innovative”. He said: “It is no longer enough simply to bring out a fund with a guarantee.” He added that BNP PAM would launch a range of funds of hedge funds, called FoHedge, aimed at retail and high net worth clients in 2004, when the products will be licensed for sale to private investors. He said BNP’s German operation, headquartered in Frankfurt, was on the lookout for new external hedge fund managers. BNP already offers three guaranteed funds in Germany, Parvest Protected Euro, USA and Japan – launched three years ago. There is also BNP’s cross-border product, the Parvest Sicav. The German client base amounts to E1bn in assets under management, 80 per cent from funds of funds managers and 20 per cent banks and IFAs. BNP PAM runs E157bn globally. It has sales teams in 19 countries selling to authorised investment advisers.