Banque Nationale de Paris (BNP) and Fischer, Francis Trees and Watts (FFTW) have formed a strategic alliance to provide fixed-income portfolio products and services in selected global markets.
BNP will make a capital investment in FFTW to increase the firm’s range of investment management capabilities, although FFTW remains controlled by its managing shareholders.
The first joint product of the alliance is a European bond fund called BNP Euro plus, with FFTW controlling strategic US and international bond exposure.
The agreement, however, is subject to regulatory approval.