BNP Paribas and Allfunds agree fund distribution deal
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BNP Paribas and Allfunds agree fund distribution deal 05 October 2020Paris Reporter: Becky Bellamy
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BNP Paribas has teamed up with Allfunds to build next-generation fund distribution services.
The deal will see BNP Paribas give its fund-buyer clients access to more than 2,000 fund houses and 100,000 funds as well as fund analytics services from its new Fund@ccess platform, which is operated by Allfunds.
Allfunds will be responsible for BNP Paribas’ clients, managing their distribution contracts with third-party investment funds on behalf of the retail, wealth management, insurance and asset management businesses of the BNP Paribas Group.
Around 250 employees of BNP Paribas Securities Services have transferred to Allfunds, primarily in its Poland and Italy offices, contributing to the expansion of Allfunds’ expansion.
BNP Paribas Securities Services and BNP Paribas Asset Management now hold together a 22.5 percent strategic stake in Allfunds.
Patrick Colle, general manager of BNP Paribas Securities Services, commented: “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, added: “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.”
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