BNP Paribas buys Allfunds stake as fund managers cut costs

PARIS/LONDON (Reuters) - French bank BNP Paribas will buy a 22.5% stake in wealth management platform Allfunds, the latest sign of asset managers looking to trim operational costs in the face of rising regulatory expenses and pressure on fees from investors.This includes the way in which funds are sold to retail investors and under the deal BNP Paribas will entrust Allfunds with the management of distribution contracts of third-party investment funds for several BNP Paribas Group..