WEALTH NEWS

BNP/Axa link-up

Axa Investment Managers has joined forces with BNP Paribas to boost sales of its EasyETF range of exchangetraded funds. Axa’s regional offices have been reluctant to sell the range.

Under the agreement, BNP Paribas will define the sales and marketing strategy and the investment guidelines of the new common platform. EasyETF will become a BNP Paribas brand. The range of ETFs includes 15 trackers with E440m in assets.

“We already offer a wide range of solutions which is significantly enhanced by our association with Axa IM on ETFs,” said Gilles Glicenstein, CEO of BNP Paribas Asset Management.

Vestima+ for BBVA

Spain’s BBVA has announced it will be using Clearstream’s Vestima+ order routing platform for its international fund distribution business.

Launched in January, Vestima+ delivers high straight-through processing (STP) rates and enables customers to choose their own post-trade settlement infrastructure.

“We see the benefits accruing from increased STP rates close to 100 per cent and a reduction of the multiplicity of bilateral connections to a continually increasing number of fund management companies,” said Roberto Vicario, deputy general manager at BBVA.

Barclays French bid

Barclays Bank has put in an offer to acquire the wealth management business of ING Securities services Bank (France), consisting of ING Ferri and ING Private Banking.

Subject to consultation the deal could be completed by the end of the second quarter, and would complete the bank’s current operations in France. If things go to plan, Barclays’ presence in the French wealth management sector will be spread across 50 branches, with more than 140,000 clients and E10bn under management.

“France is one of Europe’s most attractive wealth markets,” said David Roberts, CEO at Barclays International Retail and Commercial Banking.