BNP Paribas to buy stake in wealth management firm Allfunds

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)