BNP Paribas to acquire stake in wealth tech firm Allfunds

BNP Paribas to acquire stake in wealth tech firm Allfunds

BNP Paribas is to acquire a 22.5% stake in wealth mangement technology company Allfunds as part of an alliance to build a new fund distribution platform.

As part of the deal, for which financial terms were not disclosed, BNP Paribas Securities Services will transfer its Banca Corrispondente local paying agency activities in Italy, as well as some Italian transfer agency services, to Allfunds, where they will complement its existing range of local fund distribution services.

In addition, the bank will entrust Allfunds with the management of distribution contracts of third-party investment funds for several BNP Paribas Group entities in its retail, wealth management, insurance and asset management businesses.

In return, Allfunds clients will benefit from BNP Paribas’ experience in asset servicing and asset management.

Patrick Colle, CEO at BNP Paribas Securities Services, comments: “The demand for fund distribution platforms is growing and we want our clients to be able to take advantage of the opportunities they present. This partnership will enable us to significantly enhance our offering, giving our clients access to a successful and fast-growing fund distribution platform. It will also enable us to accelerate the development of next-generation fund distribution services and data analytics.”

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