French lender, BNP Paribas, has merged its Sigma and Harewood Asset Management units, Bloomberg reports. The new division, which will be called Theam, will specialize in exchange-traded funds (ETFs) and alternative management.
The new unit, which will be headed by Gilles Guerin, has around $68.5 billion in assets under management at present. Theam will compete against Societe Generale’s Lyxor Asset Management, adds Reuters.
Click here for the story from Bloomberg.
Click here for additional coverage from Reuters.