Transactions


The structured products business of

has been acquired by

has been acquired by

Financial advisor to Zurich Capital Markets

July 2003

Freeman & Co. Acted as Financial Advisor to Zurich Capital Markets
Date
July 2003
Industry
Asset Management, Specialty Finance
Transaction
Sell-Side M&A

BNP Paribas and Zurich Financial Services are negotiating transfer of Zurich Capital Markets' businesses

June 30, 2003 (New York, NY) - BNP Paribas and Zurich Financial Services (Zurich) have signed a Letter of Intent on the transfer of certain structured products from New York-based Zurich Capital Markets (ZCM) to BNP Paribas. The envisaged deal provides a framework for transferring transactions and related assets to BNP Paribas, including structured products linked to alternative investment funds managed by ZCM, together with the hiring of some supporting staff. Further information will follow upon execution of definitive agreements.

ZCM has established an attractive niche as provider of services to hedge fund investors and managers. In line with Zurich strategy to focus on its core insurance activities, it has decided to divest of this business line.

The transaction will enable BNP Paribas, already a European leader in structured funds of funds products, to become one of the top players in this business in the U.S. The transaction will accelerate BNP Paribas development in the U.S. equity derivatives market. It is in line with BNP Paribas strategy to make targeted developments in the U.S in order to accelerate growth in business lines where the Group is already recognized worldwide.