BNP Paribas and Allfunds have entered into an agreement to create a global fund distribution and wealth technology platform. The transaction, which will see BNP Paribas Securities Services and BNP Paribas Asset Management receive together a stake of 22.5pct in Allfunds, is subject to regulatory approvals and required consultations. It is expected to close before the end of 2020.
BNP Paribas Securities Services intends to use Allfunds as preferred access to the fund market, and will also transfer its Banca Corrispondente local paying agency activities in Italy, as well as some Italian transfer agency services, to Allfunds. In addition, BNP Paribas will entrust Allfunds with the management of distribution contracts of third-party investment funds for several group entities in its retail, wealth management, insurance and asset management businesses.