BNP Paribas Group and Duemme Hedge, the speculative asset management company of the Esperia Group, are jointly launching a new fund of hedge funds.
The two groups have signed a partnership to launch BNP Paribas Selezione Hedge, a new multi-strategy fund of hedge funds that will be distributed by the BNP Paribas commercial network in Italy.
Marco Barbaro, General Manager of BNP Paribas Asset Management, said: "This partnership was prompted by the strong growth of the funds of hedge funds market in Italy, combined with the goal of joining the market leaders."
Ignazio Basile, Managing Director of Duemme Hedge, said: "The aim is to combine Duemme Hedge's know-how and managerial abilities with the BNP Paribas Group's advisory and distribution abilities."
BNP Paribas Selezione Hedge is a fund of hedge funds advised by BNP Paribas Fauchier Partners.
BNP Paribas Fauchier Partners is the company created by BNP Paribas Asset Management (a wholly owned subsidiary of the BNP Paribas group) and Fauchier Partners, which focuses on the hedge funds sector and has assets of over USD 19 billion under management for institutional and private investors,
BNP Paribas Fauchier Partners has been active since 2001 in the selection and creation of hedge fund portfolios. Its 25 specialists offer a wide range of products, including mandates personalised on the basis of clients' needs, onshore/off shore funds and guaranteed capital products.
Duemme Hedge SGR is part of the Banca Esperia Group, specialising in the establishment and management of funds of hedge funds. It has over EUR 1.3 billion under management.
All the Duemme Hedge funds, albeit with different risk/return profiles, have the common objective of the preservation and constant growth of the assets invested.
The group stated that its funds "are consistent with the typical needs of HNW private and institutional clientele that clearly favours stable, absolute returns rather than volatility and the return expectations of the more directional managed products".