BNP Paribas Asset Management has taken a majority stake in Overlay Asset Management of France, a foreign exchange risk-management firm created in 1998, according to Elie Dhautefort, OAM chairman. Terms were not disclosed. OAM has nearly $1 billion in assets under management and will keep its current name and management. BNP Paribas Asset Management, along with its Fischer Francis Trees & Watts unit, which is a manager of large foreign exchange risk positions, will create a global currency overlay platform. It will begin operations in the second quarter of 2001. Mr. Dhautefort said, "The main targets (of the unit) are pension funds and institutional investors.
BNP Paribas Asset Management has taken a majority stake in Overlay...
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