BNP Paribas Investment Partners will close its fixed income asset management business after two years in operation.
"BNP Paribas Investment Partners has decided to discontinue its Australian Fixed Income asset management capability but remains committed to the Australian and New Zealand market in representing best of breed global and local fund managers," the company told Financial Standard.
"BNP Paribas continues to offer primary and secondary fixed income services through its Corporate & Investment Banking business."
The local fixed income team was established in 2010 in response to investor interest in the asset class following market volatility at the time.
Former BT Funds Management and 452 Capital portfolio manager, Doyle Mallett was put in charge of the division at the time of establishment.
The company is providing no further comment at this time.
With an 8-14% per annum return objective over the long term, the Pengana PanAgora Absolute Return Global Equities Fund is clearly managed by a team with investment acumen and a well thought out process.
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