January 21, 2013 / 8:11 AM / 5 years ago

BNP Paribas spins off clean energy infrastructure fund

PARIS, Jan 21 (Reuters) - French bank BNP Paribas said on Monday that it had agreed to spin off its 437 million euro ($580.84 million) clean energy fund to its management team, renaming it Glennmont Partners.

BNP said in a statement that it will remain an investor in the fund, formerly known as BNP Paribas Clean Energy Partners, even as it leaves the bank’s asset management unit.

The deal comes after the French government in December unveiled a financial reform which would compel lenders to shed their proprietary trading operations or shift them into separate entities. ($1 = 0.7524 euros) (Reporting By Christian Plumb; Editing by Hans-Juergen Peters)

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