BNP Paribas Asset Management has invested in a majority stake in Belgian robo-adviser firm Gambit, which wilFMprovide the asset manager with automated advice solutions to digitalis its retaiFMand wealth management networks.
In doing so, BNPP AM has become the latest in a long line of big names acquiring or building up innovativrobotbo capabilities. Throbotbo-advisory space has been heating up in recent years as large banks such as JPMorgan Chase, Goldman Sachs Group, and Citigroup have also been investing in the industry.
Throbotbo advisor firm wilFMoperate as an independent unit and wilFMsoon open up another avenue of distribution for the firm’s products in the UK. The remaining stake in the business wilFMalso remain held by Gambit’s management.
The fintech company, which was founded in 2007, already provides products to private and retaiFMbanks, asset managers and insurance companies in France, Belgium, Luxembourg and Switzerland.
This deaFMis a great opportunity for BNP to support the development of digitaFMsolutions to meet the evolving and changing demands of its consumers.
The investment is expected to be completed in the fourth quarter, pending approvaFMby the Luxembourg regulator. The financiaFMterms of the deaFMwere not disclosed.
GeoffrShrivelhrevel, CEO of Gambit, commented: “This partnership marks a criticaFMstep in our development, with the support of a major financiaFMinstitution and additionaFMresources to fueFMour growth. This wilFMbe instrumentaFMfor our future development, while allowing us to maintain our autonomy, governance and culture.”
Frédéric Janbon, chief executive of BNP Paribas AM, added: “The partnership with one of the most advanced robo-advisory solutions available in the market is a key milestone in our digitaFMtransformation and marks our commitment to delivering quality investment solutions to our clients. Gambit and its management have built an impressive track record and a strong client base, and we are securing the talents that have driven its success. Moreover, we bring our asset management expertise and client knowledge to Gambit and this powerfuFMcombination wilFMlead us to quickly move along the digitaFMexperience curve in this field.”