BNP Paribas Asset Management snaps up stake in robo advice firm

The banking giant joins the likes of BlackRock and Schroders who have also recently bought large stakes in digital wealth management firms.

BNP Paribas Asset Management has acquired a majority stake in Gambit Financial Solutions, a European robo-advice platform.

The asset management arm of the banking giant says it is adding the “state-of-the-art” digital-advisory services to “support and enhance the digitalisation” of its distribution.

 “The digital revolution has transformed clients’ expectations with regard to discussing their financial savings plans with their investment advisors. This has led to a major rethink of the customer experience across all client segments, and involves constantly adapting to clients’ changing needs,” it said in a statement.

Belgium-based Gambit, which uses automation to on-board wealth management customers and has a team of more than 50, will maintain its independence BNP Paribas AM said.

The firm was launched in 2007 as a spin-off from the University of Liege. It recently launched Birdee, a proprietary B2C robo-advisor. These solutions, which have regulatory approval, are being rolled-out by a growing number of private and retail banks, asset managers and insurance companies in Belgium, Luxembourg, France and Switzerland.

Geoffroy de Schrevel, chief executive officer of Gambit Financial Solutions said the partnership “marks a critical step” in its development, with the support of a major financial institution adding additional resources to fuel growth.

 “This will be instrumental for our future development, while allowing us to maintain our autonomy, governance and culture,” he said. 

Frédéric Janbon, chief executive officer of BNP Paribas Asset Management says the acquisition with assist with the banking group’s wider “digital transformation”.

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 powerful combination will lead us to quickly move along the digital experience curve in this field. This will significantly accelerate the pace of development and enrichment of our customer journey in the area of financial savings,” he said.