Euro briefs

Key to success in France is local market presence

Foreign fund promoters seeking a significant share of the French market must establish a local base, a recent survey claims. The non-French portion of France’s fund market has increased to 14.6 per cent, worth E108bn, compared with 4.8 per cent in the mid 1990s. But foreign cross-border groups operating from outside the country account for only 2.9 per cent of market share, worth E22bn, according to Feri Fund Market Information in London. This contrasts with Germany, where cross-border market share is 14 per cent and Italy, where it is 5 per cent. Feri managing director Diana Mackay said France was a market of “sophisticated wholesale fund buyers” rather than small-scale distributors.

BNP provides potential growth opportunities BNP Paribas has launched the Parvest European Bond Opportunities and Parvest Europe Opportunities funds, belonging to the company’s Luxem-bourg range. The Parvest funds are distributed by a team working for Paris-based Marc Raynaud. Parvest European Bond Opportunities invests in recently downgraded European corporate bonds offering growth potential. Management of the Parvest Europe Opportunities fund, actively trading in European equities with few constraints, has been outsourced to Boston-based Massachusetts Financial Services.

Michael Kenneally named global head at CSAM Credit Suisse Asset Management, the funds arm of Credit Suisse First Boston (CSFB), has recruited Michael Kenneally as global chief executive from Bank of America. He will work in New York under Jeff Peake, who oversees fund management and private banking for CSFB.