M and A
Deals Of The Day: The Latest In Wealth Management M&A - BNP Paribas, Allfunds

The latest M&A deals in wealth management.
Allfunds, the
European fund distribution platform which recently pushed into
the Asia market, has completed its strategic partnership deal
with BNP
Paribas.
Pending final closing numbers, Allfunds will nearly double in
size in terms of assets, with volumes of over €1 trillion (around
$1.18 trillion) in assets under administration. The deal
will also provide the fund houses access to over 2,300
institutions worldwide already buying funds through the platform,
the organisations said.
As a result of this transaction, Allfunds has opened new offices
in Paris and Warsaw and doubled its operations in Italy.
Subsequently, over 250 employees have transferred from BNP
Paribas Securities Services to Allfunds, mainly in Poland and
Italy.
The
initial announcement of the pact was made in October
2019.
As part of this transaction, BNP Paribas Securities Services,
will use Allfunds as its preferred access to the fund market.
Allfunds’ has expanded its business proposition to become a major
player in France, Poland and Germany. In Italy, Allfunds has
acquired Banca Corrispondente from BNP Paribas Securities
Services which will mainly focus on local paying agency
activities and transfer agency services.
In addition, BNP Paribas will entrust Allfunds with running 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.
“We are delighted to announce the completion of our agreement
with Allfunds. This agreement 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,”
Patrick Colle, chief executive of BNP Paribas Securities
Services, said.
Allfunds will continue to operate independently, with majority
ownership held by Hellman & Friedman and GIC. BNP Paribas
Securities Services and BNP Paribas Asset Management now hold
together a strategic stake of 22.5 per cent.
Prior to this, Allfunds also
acquired the InvestLab business from Credit Suisse.