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BNP Paribas in IMS multi-manager deal

BNP Paribas Investment Partners has bought IMS in a bid to strengthen its position in the multi-manager market.

IMS, which was founded by Richard Timberlake and Peter O’Connor in 1999, will come under the FundQuest brand, BNP Paribas’ multi-manager division.

FundQuest manages and provides investment advice on portfolios and open architecture services. The addition of IMS, which has 5.1bn of assets under management, brings FundQuest’s total assets under management to 37bn.

The combined business will have 210 employees, with 48 investment professionals operating globally from three investment centres in Boston, London and Paris.

Timberlake and O’Connor are to continue on the investment management side as directors at IMS, while Antony John will remain as the chief executive of IMS and will report to global head of FundQuest Michel Anastassiades.

Timberlake says: “We are all looking forward to working with people who share the same values, research philosophy and vision.

“What particularly im-pressed us was the commitment shown by BNP Paribas and FundQuest to our continuing corporate development and culture. This will allow us to expand our client service significantly.

“In addition, the alliance of FundQuest and IMS creates a significant global player in multi-management and open architecture services.”

BNP Paribas Investment Partners head Gilles Glicenstein says: “This acquisition is a new step in our multi-specialist strategy, as it reinforces our ability to deliver comprehensive and innovative solutions to existing and new clients anywhere in the world.

“The UK market will remain a priority for the development of BNPP IP and with this alliance, FundQuest gains momentum as a global multi-manager and open architecture services provider, a market that is expected to grow by nearly 20 per cent a year.”

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