As part of the agreement, around 250 employees have transferred from BNP Paribas Securities Services to Allfunds
A branch of BNP Paribas bank. (Credit: Henryk Borawski/Wikimedia Commons)
BNP Paribas, a leading financial institution, and Allfunds, a world-class independent leader in wealth technology, today announce the completion of their strategic agreement to build next-generation fund distribution services.
As part of this partnership, BNP Paribas Securities Services, a leading global custodian and fund services provider, will give its fund-buyer clients access to more than 2,000 fund houses and 100,000 funds and a range of next generation fund analytics services from its new Fund@ccess platform, which is powered by Allfunds. The integration of fund buying processes between the two companies will also bring clients greater operational efficiency.
In addition, BNP Paribas will entrust Allfunds with the management of its distribution contracts with third-party investment funds, on behalf of the retail, wealth management, insurance and asset management businesses of the BNP Paribas Group.
As part of the agreement, around 250 employees have transferred from BNP Paribas Securities Services to Allfunds, mainly in Poland and Italy, contributing to Allfunds’ expansion.
BNP Paribas Securities Services and BNP Paribas Asset Management now hold together a strategic stake of 22.5% in Allfunds.
Patrick Colle, General Manager of BNP Paribas Securities Services, commented: “We are delighted to announce the completion of our agreement with Allfunds. The partnership will create a leader in the fund distribution space, giving clients access to a wide range of funds and streamlining the fund buying process for greater operational efficiency. Our ambition is to build a new range of fund distribution services enabling clients to seize investment opportunities and enhance the monitoring of their operations.”
Juan Alcaraz, CEO of Allfunds, commented: “We appreciate the expertise BNP Paribas Securities Services is bringing to Allfunds. By integrating the business model of a top-tier custodian bank with the scale and value-added services of our leading fund distribution platform, we will offer a one-stop suite of services that is unique on the market, unrivalled in scale and efficiency, for the benefit of our clients.”
Source: Company Press Release