BNP Paribas' fund management unit is boosting its fund of hedge fund assets by more than a third through the acquisition of Javelin, a fund of hedge fund business owned by a US subsidiary of Zurich Financial Services, the Swiss financial services firm.

BNP Paribas Asset Management has signed an agreement with ZCM Investor Capital to buy Javelin which will add $650m to BNP Paribas' fund of hedge funds assets which will total $1.9bn (€1.56bn).