The newly registered range includes nearly all of the subfunds in the group’s Luxembourg-based Parvest offering. However, three of the funds under the group’s Sicav umbrella were not registered because they did not satisfy the Financial Services Authority’s requirements for distribution in Britain. These include the Parvest Absolute Return, Parvest Absolute Return Plus and Parvest Floor 90 funds. Distributed in 23 countries, the Parvest range is run under the Ucits III regulations and currently has E16bn (10.9bn) in assets under management. The new funds offered will include core, high alpha and balanced equity and fixed income products across various capitalisation sizes in the Europe, America, Asia Pacific and global sectors. The majority of the offerings are in the equity arena and 38 of the subfunds invest in European markets. BNPPAM decided to register its Luxembourg Sicav range onshore as a result of the recent changes allowing offshore funds to gain distributor status in Britain on an individual subfund or share class basis. Before the regulation change, for an offshore umbrella fund to qualify to distribute in Britain, all of its subfunds were required to meet the distribution criteria. Many of the BNPPAM funds are run by in-house managers. However the group also favours an open-architecture policy and has appointed external managers to run funds in some of its more specialised asset classes. The $1bn (530m) BNP Paribas Parvest US Small Cap fund, for example, is managed by American boutique firm Neuberger Berman, and the $100m Parvest World Bond fund is run by US based global fixed income specialist Fisher Francis Trees and Watts. Examples of other specialist funds registered in the Parvest Sicav range include the $64.5m Parvest World Resources fund, the $113m Latin America fund and the $22m Emerging Markets Bond fund. The BNPPAM UK office in London was previously responsible only for institutional and offshore investment and will now also handle distribution of the newly registered retail offerings to onshore clients.