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BNP Paribas and Allfunds Form Partnership for Wealthtech Platform

BNP Paribas and Allfunds announced that they have agreed to create a comprehensive fund and wealth tech platform, according to a story in MarketsMedia. This agreement will enable BNP Paribas and Allfunds, a leader in wealth technology, to build on each other’s expertise to develop next-generation fund distribution services. BNP Paribas Securities Services, a global custodian and fund services provider, intends to use Allfunds as preferred access to the fund market, exploring together opportunities to enhance services to fund providers and financial institutions. BNP Paribas Securities Services will also transfer its Banca Corrispondente local paying agency activities in Italy, as well as some Italian transfer agency services, to Allfunds, where they will complement its existing range of local fund distribution services. The transaction, which will see BNP Paribas Securities Services and BNP Paribas Asset Management receive together, a strategic stake of 22.5% in Allfunds, is subject to regulatory approvals and required consultations. It is expected to close before the end of 2020.

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