BREAKING NEWS
This content is not available in your region

BNP Paribas to buy stake in wealth management firm Allfunds

Access to the comments Comments
By Reuters
BNP Paribas to buy stake in wealth management firm Allfunds
A BNP Paribas logo is seen outside a bank office in Nantes, France, February 5, 2019. REUTERS/Stephane Mahe   -   Copyright  STEPHANE MAHE(Reuters)
Text size Aa Aa

PARIS (Reuters) – French bank BNP Paribas <BNPP.PA> will buy a 22.5% stake in wealth management company Allfunds as part of a deal to set up a new investment platform with Allfunds, the companies said on Monday.

The deal, for which the financial terms were not disclosed, will also see BNP Paribas entrust Allfunds with the management of distribution contracts of third-party investment funds for several BNP Paribas Group entities.

(Reporting by Sudip Kar-Gupta; Editing by Muralikumar Anantharaman)