National Bank of Canada and BNP Paribas SA have formed a joint venture to offer hedge fund managed accounts.
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BNP Paribas acquired a stake in Innocap Investment Management Inc., a subsidiary of National Bank of Canada that specializes in the accounts.
National Bank of Canada and BNP Paribas said Wednesday that they want to make Innocap the leading provider of managed accounts for investors worldwide.
Innocap, which opened in 1996, has $2 billion of assets under advisement. It provides active daily monitoring of alternative funds.
