MFS Investment Management splits with BNP Paribas
MFS Investment Management has split with BNP Paribas Investment Partners (BNP IP), ending the agreement between the two parties to distribute MFS products within Australia and New Zealand.
Beginning in July 2012, MFS will move towards a direct distribution model, establishing sales and service staff in its Sydney office.
According to a BNP IP statement, "MFS has reached sufficient size, presence and recognition to enable it to assume distribution responsibility and direct management of the trusts it oversees".
"For BNP IP, the move allows its successful sales and marketing team to further widen its product offering to its Australian and New Zealand client base - including partnering with other leading international managers," said the statement.
Both firms will work closely together "to ensure a smooth transition for all clients", said the statement.
MFS Investment Management is a global investment manager with $284 billion in assets as at 31 March 2012.
BNP Paribas Investment Partners is the asset management arm of BNP Paribas Group, and has US$639 under management globally.
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