New wrap market entrant BNP Paribas is looking to sign up to three more white-label platform deals with adviser groups this year.
The French bank is already powering Tenet’s investment company Sinfonia Asset Management, which is expected to launch in April, but is now looking expand its proposition to a wider selection of distributors.
The company says that it is realigning its focus to cater for the adviser market but does not intend to spendvast sums of money on ventures.
Business development manager Adam Hodgkins says: “We are not going tobe spending 100m, like some others.”
He says BNP Paribas is widening its wrap proposition to other firms but wants to remain the “quiet partner” in future agreements.
Hodgkins says the comp-any will help advisers to look at the wealth retirementand retail investment market while providing them with a comprehensive administration platform.
Under the Tenet agreement BNP Paribas is prov-iding the administration for Sinfonia. The fund portfo-lios are being managed by Fundquest, a technology arm of the bank.
Hodgkins is upbeat about the prospects of signing deals with adviser compan-ies, with up to three more in the pipeline.
Hodgkins says: “We have effectively had a platforof sorts supporting asset managers rather than dist-ributors but now we are changing focus and we want to provide an end-to-end solution to link into the adviser’s office.”