Edhec Risk : Gilles Glicenstein (BNP Paribas) s'exprime au sujet du seed capital et de l'incubation chez BNP Paribas

Très récemment, le 17 octobre 2007, l'organisme de recherche "Edhec Risk" a interviewé Gilles Glicenstein, Président de BNP Paribas Asset Management et Directeur de BNP Paribas Investment Partners. A ce titre, Gilles Glicenstein a développé l'approche originale de la société dans le domaine du seed capital et de l'incubation et plus généralement des partenariats qu'elle conduit avec les gérants de hedge funds.

Vous trouverez la retranscription intégrale de cet interview à l'adresse suivante : http://www.edhec-risk.com/Interview/RISKArticle.2007-10-17.2217/view

Nous avons extrait les deux paragraphes relatifs au seed capital et à l'incubation :

Edhec Risk : You have just created BNP Paribas Investment Partners, a new commercial brand bringing together the asset-management affiliates of the BNP Paribas group. What is your strategy for this new brand?

Gilles Glicenstein : In just a few years, our company has achieved widely recognised expertise across a range of innovative products and new markets. Over the last 5 years the number of partners has grown from seven to fifteen, and assets under management have swelled from €170bn to €344bn. We have implemented a distinctive business model that allows us to bring together our specialised capabilities in asset management under the brand name of BNP Paribas Investment Partners. This strategic move offers investors easy access to all the latest innovations in asset management and, strategically, it enables us to strengthen our position as a multi-specialist asset manager.

The creation of the BNP Paribas Investment Partners’ brand name reflects extensive changes in the asset management industry: Today, competition comes not only from rival fund managers but also from other sources: the pace of development has accelerated sharply with the influence of hedge funds and private equity managers, as well as the ever-increasing complexity of techniques and investment products, and the proliferating opportunities in new markets. With BNP Paribas Investment Partners, we are well positioned to address these evolutions and extend our positions around the world.

Edhec Risk : Are you not afraid that imposing the administrative duties of a large corporation on your affiliates will limit their creativity in some way?

Gilles Glicenstein : BNPP IP provides new partners with the advantages of a major player. First of all, a strong, international sales force enables the distribution of our partners’ products throughout the world and brings the boutiques’ products to a clientele that may not have previously had access to them. This distribution model permits managers to focus on their real expertise: the management of funds. A large group also brings financial strength in the form of seed capital that allows for the incubation and subsequent launching of new strategies. In addition, this structure brings welcome liquidity to the boutiques’ shareholders. Finally, we respect the investment autonomy of our partners and protect their entrepreneurial culture, as they are both invaluable assets."

Enfin, il convient de rappeler que BNP Paribas Asset Management est partenaire de l'Edhec Risk au sein d'une chaire dédiée à l'asset management :
http://www.edhec-risk.com/edito/RISKArticleEdito.2007-10-17.2507/view