BNP hits the retail market
BNP Investment Management has launched a range of mezzanine funds with no entry fees, signalling the group’s move on the retail and master trust market.
BNP Investment Management has launched a range of mezzanine funds with no entry fees, signalling the group’s move on the retail and master trust market.
Retail investors, with a minimum of $50,000 to invest, can now access funds man-aged by BNP for the first time. And, they can do this either through a financial ad-viser, master trust and, in some cases, directly.
“Investors have the choice of 10 sector and diversified funds with the wholesale fee levels applying. There are no entry, exit or any other hidden fees,” BNPIM managing director Alan Beasley said at the release of the prospectus for the new mezzanine funds in Sydney yesterday (Tuesday).
He said the group could offer its funds at wholesale fee levels because it did not duplicate the value added services provided by financial planners and master trust service providers.
He expected the product to assist in his group’s long term regional growth.
“Our aim is to have $10 billion in funds under management by 2007 (about 1 per cent of the managed funds industry),” he said.
BNPIM is part of Banque Nationale de Paris. It is in the throes of merging with fellow French financial group Paribas to become one of the top 20 banks in the world.
Recommended for you
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
