BNP Paribas has acquired a 22.5% stake in wealth management platform Allfunds. BNP Paribas will entrust Allfunds with managing the distribution of third-party investment fund contracts for several BNP Paribas Group entities. Similar to platforms such as Britain’s Hargreaves Lansdown, Allfunds can offer economies of scale and help fund management companies manage increasingly tough data rules for those aiming to sell funds across borders. Analysts felt it is clearly an area where investment banks see a lot of potential and that is why BNP Paribas would want to bulk up in this space. The deal also involves BNP Paribas Securities Services transferring its Banca Correspondent local paying agency activities in Italy, as well as some Italian transfer agency services, over to Spanish-headquartered Allfunds.
