Allfunds closes major deal with BNP Paribas
The fund distribution platform Allfunds has completed a strategic transaction with French group BNP Paribas announced in November 2019.
Under the terms of the deal, Allfunds is almost doubling assets under administration to over €1trn. BNP Paribas Securities Services will use Allfunds as preferred access to the fund market. Besides, Allfunds will manage BNPP's distribution contracts with third-party investment funds.
The transaction, which sees BNP Paribas Securities Services and BNP Paribas Asset Management holding together a 22.5% stake in Allfunds, has led the fund distribution platform to open new offices in Paris and Warsaw It also doubled its operations in Italy. Allfunds said that over 250 employees have transferred from BNP Paribas Securities Services to Allfunds, primarily in Poland and Italy. In Italy, Allfunds has also acquired Banca Corrispondente from BNP Paribas Securities Services which will mainly focus on local paying agency activities and transfer agency services.
It is understood Allfunds will continue to operate independently, with majority ownership held by Hellman & Friedman and GIC.