BNP Paribas Investment Partners Australia has expanded its alternatives offering through a distribution partnership with fund of hedge funds firm Permal Group.
Investor Daily reported that the agreement will allow Australian investors access to Permal’s alternative funds, including its hedge fund solutions business which allows clients to customize products against investment parameters.
BNP Paribas IP Australia chief executive David Grybas explained that “Permal’s purchasing power, as well as their decades of experience in manager selection, asset allocation and risk management” drove the partnership.
Paris-based BNP has locations in 80 countries, predominately in Europe. Permal’s merger with Fauchier Partners earlier this year created an entity with $24 billion in assets under management. Permal is a subsidiary of asset management firm Legg Mason.