Podcast Center
Video Center
Webcasts
Resource Center
Events
June 28, 2005 at 08:00 PM
In the latest of a series of acquisitions sweeping the managed account industry, BNP Paribas, the giant French bank, is buying FundQuest Inc., the Boston-based turnkey asset management provider with about $10 billion in assets under management and administration. The purchase price was not disclosed.
BNP Paribas said it plans to use the FundQuest brand for wealth management solutions in both the U.S. and Europe. FundQuest will be joined with Cortal Consors Fund Management, a BNP Paribas subsidiary with $18 billion in assets.
Founded in 1993, FundQuest operates Web-based managed account platforms for more than 50 financial institutions and provides mutual fund wrap accounts, fee-based brokerage, and consultant wrap programs. FundQuest’s clients include 7 of the top 15 banks and broker/dealers of top insurance companies including John Hancock and Lincoln Financial. Ron Mastrogiovanni, a FundQuest executive vice president, notes that many recent TAMP industry mergers have been driven by rising spending on new technology at a time of shrinking asset management fees. But “in our case, we weren’t really looking for a partner,” he says. “BNP was looking for investments in the U.S., and we started to talk.”
