BNPP IP acquired 49.96% of Fund Channel, to create an European provider of fund distribution services
Fund Channel, a fund distribution logistical platform wholly owned by Credit Agricole Asset Management (CAAM) Luxembourg, is selling a stake to BNP Paribas Investment Partners (BNPP IP). The resulting joint venture, will be owned 50.04% and 49.96% respectively by the two companies. It has received approval from both the Luxembourg regulator, Commission de Surveillance du Secteur Financier, and the European Commission.
The deal is expected to make Fund Channel a key European player in the field of logistical support for fund distribution. Moreover, the assets under administration for entities and external clients of the CCAM and BNPP IP groups will be handled on the same platform.
Guillaume Abel, managing director, Fund Channel, said: “By strengthening Fund Channel’s position in Europe, the agreement will create marketplace opportunities for us since many institutional investors are determined to improve their organisational structure and boost their revenues.
Philippe Marchessaux, head of BNPP IP, said: “This partnership will strengthen BNP Paribas Investment Partners’ leadership in the open architecture industry, where we have built strong positions through our multi-management subsidiary FundQuest.