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Allfunds partners with BNP Paribas to create fund and WealthTech platform

WealthTech provider Allfunds and BNP Paribas have entered into a strategic partnership to launch a platform for fund and WealthTech distribution services.

With the agreement, BNP Paribas Asset Management and BNP Paribas Securities Services receive a 22.5% strategic stake in Allfunds, subject to regulatory approvals expected to close before the end of 2020.

The partnership plan on exploring opportunities together, to enhance services to fund providers and financial institutions, while BNP Paribas plans on using Allfunds as its preferred access to the fund market.

BNP Paribas Securities Services also announced that it 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.

Commenting on the partnership, Juan Alcaraz, CEO of Allfunds, stated: “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.”

Allfunds will also be responsible for the management of distribution contracts of third-party investment funds for several entities within BNP Paribas Group’s retail, wealth management, insurance and asset management businesses.

However, Allfunds will remain fully independent, with the majority ownership held by Hellman & Friedman and GIC.

BNP Paribas commented that its clients will benefit from the partnership Allfunds, who’s partners will expand their business reach – benefitting from BNP Paribas’ experience in asset servicing and asset management.

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. 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,” Colle said.

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