French lender, BNP Paribas, has merged its Sigma and Harewood Asset Management units, Bloomberg reports. The new division, which will be called Theam, will specialize in exchange-traded funds (ETFs) and alternative management.

The new unit, which will be headed by Gilles Guerin, has around $68.5 billion in assets under management at present. Theam will compete against Societe Generale’s Lyxor Asset Management, adds Reuters.

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