BNP Paribas' U.S. asset management arm announced Tuesday that it had agreed to buy FundQuest, a Boston asset manager that specializes in separately managed accounts.
FundQuest, which was founded in 1993, has $10 billion of assets under management. The turnkey asset management provider sells wealth management solutions through more than 60 financial institutions, mainly banks and insurance broker-dealers.
Once the deal closes, which is expected in August, New York-based BNP Paribas Asset Management intends to use open architecture to deliver wealth management solutions to institutions and advisers.
BNP Paribas, a Paris banking company, said it will use FundQuest as its global brand for wealth management solutions in open architecture. In the United States, BNP Paribas is to focus on managed accounts, capitalizing on its strong position in banking services. In Europe, FundQuest is to join forces with Cortal Consors Fund Management, an open architecture and investment advisory firm with $18 billion of assets under management. Cortal Consors is a wholly owned subsidiary of BNP Paribas.
