Boston, Massachusetts-based FundQuest provides wealth management technology to financial institutions, mainly banks and insurance broker-dealers. Its investment platform offers financial services including asset allocation, analysis and selection of institutional investment boutiques, portfolio management and reporting analytics.
The acquisition is expected to allow BNP Paribas to make a move in managed accounts in the US, a segment which it claims has strong growth potential.
In Europe, FundQuest will team with BNP Paribas’ Cortal Consors Fund Management, a developer of open architecture and investment advisory services.
BNP Paribas said it also intends to use FundQuest as its global brand for wealth management technology in open architecture in the US and Europe.
Gilles Glicenstein, CEO of BNP Paribas Asset Management explains: We will develop a new consultative sales approach, providing our clients with easy to use, high quality advice-based tools.
The transaction is expected to close in August.
