Technology provider Envestnet has agreed to acquire FundQuest, part of BNP Paribas’ US operations, in a cash transaction of around $24.4 million for all of the outstanding shares of FundQuest. The deal will be fully funded with available cash.

FundQuest is a Boston-based RIA with some $15 billion in assets under management. It provides a number of services including managed account programs and overlay portfolio management and mutual funds to RIAs, independent advisors, broker-dealers, banks, and trust organizations.

The firm is part of BNP Paribas Investment Partners, but is distinct from the FundQuest European businesses due to its focus on Turnkey Asset Management Provider services. The deal, expected to close during the fourth quarter, will have no effect on FundQuest’s European activities.

The two companies entered into a platform services agreement last year, giving FundQuest’s clients access to Envestnet’s wealth management platform. Upon closing of this deal the former agreement will end, and around $6 billion of FundQuest's assets will be reclassified as assets under management for Envestnet. FundQuest's assets are currently classified as assets under administration on the Envestnet platform.

Envestnet is headquartered in Chicago with offices in Boston, Denver, New York, Silicon Valley and Trivandrum, India.

The acquisition remains subject to customary closing conditions including third-party consents.