Around 250 employees have transferred from BNP Paribas Securities Services (BNPPSS) following the deal with fund platform Allfunds that includes the sale of a stake.

The transfers have mainly affected staff in Italy and Poland and are the result of the strategic deal announced last year that will see the two firms build “next-generation” fund distribution services.

BNPPSS and BNP Paribas Asset Management now hold, as planned, a strategic stake of 22.5% in Allfunds .

For custodian and asset servicer BNPPSS, the deal means it will be able to offer clients access to over 2,000 fund houses and 100,000 funds, as well as fund analytics services from the firm’s new Fund@ccess platform, which Allfunds sits behind.

For Allfunds it means the management of BNPPSS’s distribution contracts with third-party investment funds offered by businesses in the BNP Paribas Group.

Patrick Colle, general manager of BNPPSS, said: “The partnership will create a leader in the fund distribution space, giving clients access to a wide range of funds and streamlining the fund buying process for greater operational efficiency. Our ambition is to build a new range of fund distribution services enabling clients to seize investment opportunities and enhance the monitoring of their operations.”

Juan Alcaraz, CEO of Allfunds, said: “We appreciate the expertise BNP Paribas Securities Services is bringing to Allfunds. By integrating the business model of a top-tier custodian bank with the scale and value-added services of our leading fund distribution platform, we will offer a one-stop suite of services that is unique on the market, unrivalled in scale and efficiency, for the benefit of our clients.”

The conclusion of the deal comes a week after Luxembourg’s Clearstream and Switzerland’s UBS announced a fund distribution deal that also saw shares change hands.

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