BNP Paribas and Allfunds have partnered to create a fund and wealthtech platform.
BNP Paribas Securities Services will utilise Allfunds capabilities to access the fund market and will also transfer its Banca Corrispondente local paying agency activities in Italy to Allfunds.
Allfunds will be responsible for 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.
Patrick Colle, CEO at BNP Paribas Securities Services, commented: “The demand for fund distribution platforms is growing and we want our clients to be able to take advantage of the opportunities they present.”
He added: “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.”
Juan Alcaraz, CEO of Allfunds, said: “By relying on our platform and BNP Paribas’ integrated business model, we will be able to empower clients with optimised fund distribution services and innovative digital solutions.”
The transaction, which will see BNP Paribas Securities Services and BNP Paribas Asset Management receive together a strategic stake of 22.5 percent in Allfunds, is subject to regulatory approvals and required consultations—and expected to close before the end of 2020.
