BNP to acquire a minority stake in Allfunds.

BNP Paribas Securities Services, a global custodian and fund services provider, agreed to acquire a 22.5% stake in Allfunds, a wealth tech company that offers big data & analytics, portfolio & reporting tools, research, and regulatory services. Financial terms were not disclosed. BNP Paribas Securities Services 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 demand for fund distribution platforms is growing, and we want our clients to be able to take advantage of the opportunities they present. This partnership will enable us to significantly enhance our offering, giving our clients access to a successful and fast-growing fund distribution platform. It will also enable us to accelerate the development of next-generation fund distribution services and data analytics," Patrick Colle, BNP Paribas Securities Services CEO.