BNP to merge fund management units into "Theam"
PARIS, March 15 | Tue Mar 15, 2011 7:58am GMT
PARIS, March 15 (Reuters) - France's biggest listed bank BNP Paribas (BNPP.PA) announced on Tuesday the details of a merger of two fund management units, Sigma and Harewood Asset Management, in a bid to boost cross-selling and growth.
The new entity, to be called "Theam", will aim to double its assets in five years from 50 billion euros, BNP said in a statement on Tuesday. The deal should allow for more cross-selling on the back of popular but low-margin ETF products, analysts say. It would also better compete against arch-rival Societe Generale's (SOGN.PA) Lyxor Asset Management.
(Reporting by Lionel Laurent, Editing by Caroline Jacobs)
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