EUROPE/US - BNP Paribas Asset Management is to acquire Boston-based wealth manager, FundQuest in a bid to increase its footprint in the global funds market.
BNP Paribas will use FundQuest as its global brand for wealth management solutions in open architecture in the US and Europe.
Gilles Glicenstein, chairman and CEO of BNP PAM said: “FundQuest is an integral part of the strategic vision to create a global wealth management platform based on best-in-class manager selection and superior technology.
“We will capitalise on FundQuest’s strong position as an independent managed account provider. We will develop a new consultative sales approach, providing our clients with easy to use, high quality advice-based tools. They will benefit from tailor-made wealth management solutions”.
Boston-based FundQuest Inc has US$10bn in assets under management and administration and provides a range of wealth management solutions to around 60 financial institutions.
According to the firms this acquisition is a strategic opportunity for BNP Paribas and FundQuest to become an integrated global market leader that uses open architecture to deliver wealth management solutions for institutions and advisers.
The transaction is currently subject to approval by regulatory agencies and is expected to close in August.
BNP Paribas was advised by Putnam Lovell NBF and BNP Paribas Corporate Finance. FundQuest was advised by Sandler O’Neill.
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