Allfunds and BNP Paribas complete closing of strategic transaction amplifying Allfunds volume to over EUR1 trillion
Allfunds, a world-class independent leader in wealth technology, and BNP Paribas, one of the largest financial institutions in the world, today announced the completion of their strategic transaction to build next-generation fund distribution services solidifying Allfunds as the world’s largest fund distribution platform.
Pending final closing numbers, Allfunds will nearly double in size in terms of assets, with volumes of over EUR1 trillion AUA, the firm said in a press release. It will also provide fund houses access to over 2,300 institutions worldwide already buying funds through the platform.
As part of this transaction, BNP Paribas Securities Services, will use Allfunds as preferred access to the fund market, giving its fund buyer clients access to more than 2,000 fund houses and more than 100,000 funds and a range of next generation fund analytics services from the new Fund@ccess platform, which is powered by Allfunds.
Allfunds’ has now expanded its business proposition to become a leading player in France, Poland and Germany. Allfunds’ partners will continue benefit from its unrivalled business reach and scale.
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. With this addition to the Allfunds book of business, Allfunds further expands its leadership position in the Italian market and complements its existing range of local fund distribution services.
In addition, Allfunds will be entrusted by BNP Paribas with the management of 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.
Juan Alcaraz, CEO, Allfunds, said: “We appreciate the expertise BNP Paribas Securities Services is bringing to Allfunds. By combining the integrated 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 in the market, for the benefit of our clients. We are thrilled to now have BP2S´ offering as part of Allfunds global services solidifying us as the world´s leading fund distribution platform.”
Patrick Colle, CEO, Securities Services, BNP Paribas, said: “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.”
As a result of this transaction, Allfunds has opened new offices in Paris and Warsaw and doubled its operations in Italy. As part of this, over 250 employees have transferred from BNP Paribas Securities Services to Allfunds, mainly in Poland and Italy, contributing to Allfunds’ expansion.
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%.
This deal adds to Allfunds’ recent Credit Suisse InvestLab transaction and falls under Allfunds’ strategy to become one of the most prominent fund platforms across this industry, boosted by its technological edge and global ambition.