BNP Paribas and Allfunds have entered into an agreement to create one of the world’s largest WealthTech platforms.
Global custodian and fund services provider BNP Paribas Securities Services intends to use Allfunds as preferred access to the fund market, exploring opportunities to enhance services to fund providers and financial institutions.
BNP Paribas will also 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, BNP Paribas 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.
Patrick Colle, chief executive 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.”
Allfunds chief exechitve Juan Alcaraz added: “This deal represents a major step in our ambition to be at the forefront of WealthTech – 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 will see BNP Paribas Securities Services and BNP Paribas Asset Management receive together a strategic stake of 22.5 per cent in Allfunds, subject to regulatory approvals and required consultations. It is expected to close before the end of 2020.
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