BNP Paribas and Allfunds announce strategic partnership
BNP Paribas announced wealthtech partnership. Source: shutterstock.com
BNP Paribas and Allfunds announced that they have entered into an agreement to create one of the world’s leading fund and wealthtech platforms.
This agreement will enable BNP Paribas and Allfunds to build on each other’s expertise to develop next-generation fund distribution services.
BNP Paribas Securities Services, a global custodian and fund services provider, intends to use Allfunds as preferred access to the fund market, exploring together opportunities to enhance services to fund providers and financial institutions. BNP Paribas Securities Services 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.
BNP Paribas and its clients will benefit from the partnership with one of the leading wealthtech platforms in Europe; Allfunds’ partners will expand their business reach and will benefit from BNP Paribas’ experience in asset servicing and asset management, the companies say in a press release.
