BNP Paribas Investment Partners (BNPP IP) and Fortis Investment Management Australia have completed their merger in Australia. The combined entity will now be known as BNP Paribas Investment Partners Australia. This follows the completion of the global merger of the two head companies on April 1, 2010.
Robert Harrison will continue in his role of CEO of BNP Paribas Investment Partners in Australia, and will now oversee an entity with combined assets under management of AUD24.2bn.
Arnhem Investment Management, the Australian equities fund manager formerly known as Fortis Investment Partners, has become one of the 25 specialist partners within the global BNP Paribas investment partners network. BNP Paribas investment partners will retain a 40% shareholding in the Australian equities fund manager.
Mr Harrison said: “BNPP IP’s existing multi-specialist investment platform has been strengthened locally with new capabilities from Fortis Investments, such as Australian Equities and global real estate. In turn, these products will benefit from having access to BNP Paribas’ extensive distribution platform, best practice governance and capital adequacy through the strength of the BNP Paribas balance sheet.
“The merger puts us in a strong position to increase our market share and better serve our clients in Australia and New Zealand, with both the diversification of our product offering and the increase in our client management resources.”