BNP Paribas has made a move into the robo-advisory sector, buying a majority stake in Belgian specialist Gambit Financial Solutions. Terms of the deal were not disclosed.
While Gambit will maintain its independence, it will become the preferred partner for robo-advisory solutions for BNP Paribas Group’s retail and wealth management networks.
Launched in 2007 as a spin-off from HEC - University of Liege, Gambit has seen its robo-advisory technology rolled out by private and retail banks in Belgium, Luxembourg, France and Switzerland.
The firm, which has a 50-strong team, has also recently launched a proprietary business-to-consumer robo-advisor called Birdee.
Frédéric Janbon, CEO, BNP Paribas Asset Management, says: "The partnership with one of the most advanced robo-advisory solutions available in the market is a key milestone in our digital transformation and marks our commitment to delivering quality investment solutions to our clients."