BNP Paribas Asset Management has invested in a majority stake in Belgian robo-adviser firm Gambit, which will provide the asset manager with automated advice solutions to digitalise its retail and wealth management networks.
In doing so, BNPP AM has become the latest in a long line of big names acquiring or building up innovative robo capabilities. The robo-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.
The robo advisor firm will operate as an independent unit and will soon open up another avenue of distribution for the firm’s products in the UK. The remaining stake in the business will also remain held by Gambit’s management.
The fintech company, which was founded in 2007, already provides products to private and retail banks, asset managers and insurance companies in France, Belgium, Luxembourg and Switzerland.
This deal is a great opportunity for BNP to support the development of digital solutions to meet the evolving and changing demands of its consumers.
The investment is expected to be completed in the fourth quarter, pending approval by the Luxembourg regulator. The financial terms of the deal were not disclosed.
Geoffroy de Schrevel, CEO of Gambit, commented: “This partnership marks a critical step in our development, with the support of a major financial institution and additional resources to fuel our growth. This will be instrumental for 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 digital transformation 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 powerful combination will lead us to quickly move along the digital experience curve in this field.”