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☆ BNP Paribas set to expand Exane in the U.S.
▼ + stars: | 2022-11-08 | by ( Carolina Mandl | ) www.reuters.com time to read: +1 min

NEW YORK, Nov 8 (Reuters) - BNP Paribas (BNPP.PA) is expanding its equity research house Exane in the United States, after the euro zone's biggest lender took it over last year, the bank said on Tuesday. Michael Rietbrock has joined Exane from Cantor Fitzgerald in October as head of U.S. research, according to BNP. The move comes as BNP aims to strengthen its equities unit and diversify the lender's business, best known for derivatives. As part of this strategy, BNP acquired last year a remaining 50% stake in cash equities execution and research house firm Exane, which covers 800 stocks globally. It's really where we want to grow," Nicolas Marque, head of global equities at BNP Paribas told Reuters.

☆ BNP Paribas gets regulatory nod to set up China asset management joint venture
▼ + stars: | 2022-10-18 | by ( Selena Li | ) www.reuters.com time to read: +2 min

HONG KONG, Oct 18 (Reuters) - BNP Paribas (BNPP.PA) has received Chinese regulatory approval to start building an asset management venture with Agricultural Bank of China (AgBank) (601288.SS), the two companies said, allowing the French firm to tap a $4 trillion market. Reuters reported in September last year that BNP's asset management arm was in talks to form a wealth management venture with a unit of AgBank, taking advantage of China's opening up of its financial markets for foreigners. BNP Paribas Asset Management and ABC Wealth Management, a wealth arm of AgBank, will fund the new platform, according to Monday's filing. Since China deregulated financial markets in 2019, allowing foreign asset managers to set up majority-owned ventures with local banks, a flurry of foreign firms including BlackRock and Amundi have launched majority-controlled units locally. The new platform will add to BNP Paribas' 49%-owned asset management joint venture with brokerage firm Haitong Securities which mainly runs mutual funds.

☆ Analysis: Crowd of dollar bulls raises risk of violent pullback
▼ + stars: | 2022-09-26 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +5 min

Some investors worry the dollar trade has become excessively crowded, raising the risk of a sharp unwind if the case for owning the currency changes and investors try to exit their positions all at once. International Monetary Market speculators held a net long U.S. dollar position of $10.23 billion for the week ended Sept. 20. Barring a brief period of peak pandemic-related uncertainty, broad net options positioning data going back to 2014 shows U.S. dollar long positions are the most stretched ever, according to Morgan Stanley. While a hotter-than-expected u.s. inflation report in August dashed those hopes and sent the dollar higher, the dangers stemming from the crowded dollar trade have only grown, investors said. But with the dollar scaling new multi-decade highs, positioning for a pullback can be painful.

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