BackBNP Paribas sees robust growth in Taiwan new jv in 2012
BNP Paribas sees robust growth in Taiwan new jv in 2012
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Taipei: BNP Paribas SA said on Monday it expects its new Taiwan fund venture to build assets under management to T$15 billion next year from T$6 billion-T$10 billion this year, as France’s largest listed bank taps the T$5.2 trillion ($179 billion) market.
BNP Paribas will join 39 local and global names including Fidelity, Prudential Financial and ING Funds to compete in the massive and yet crowded market, reflecting the island’s strong economic growth and improving trade ties with China.
“Taiwan is a market with significant potential and opportunities," Jean Audibert, deputy CEO of BNP Paribas’s investment unit, told reporters, adding that Taiwan is one of its three major Asian markets.
“We have been successful for our fund JVs in China and South Korea. We believe we’ll be successful here, too," Audibert said on the sidelines of a business event that marked the opening of its mutual fund joint venture with Taiwan Cooperative Bank (TCB).
State-run TCB, among Taiwan’s top three bank branch networks, has had a life insurance joint venture with BNP Paribas.
The fund joint venture, called BNP Paribas TCB Asset Management, expects to raise up to $150 million for its first fund in the near future, said company chief executive Frederic Thomas.
The fund, targeting local equities, would be followed by a second later in 2011 that could either invest in fixed income or equities, he said.
BNP Paribas had combined staff of more than 300 people in banking, insurance and mutual fund operations in Taiwan. About 30 of those are in the new tie up, said Thomas.
Shares of BNP Paribas rose 0.37% at around 0822 GMT.
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