Bloomberg – BNP Paribas SA, the world’s biggest bank by assets, said two funds with a value of 236 million euros ($312 million) were frozen for technical reasons as part of their transfer to a new manager.
The vehicles, which invest in hedge funds, are being transferred to BNP’s Harewood Asset Management unit from Fauchier Partners, a spokesman for the Paris-based company said today by telephone. The decision to freeze the funds was made on Nov. 25, he said.