BNP Paribas Asset Management has acquired a majority stake in robo-adviser Gambit Financial Solutions, as a result of a "major rethink" of customer experience offered by the firm.
Gambit will maintain its independence from BNP Paribas AM but the transaction will allow it to extend its client footprint by becoming the preferred robo-advisory partner for the firm's retail and wealth management network.
Launched in 2007, Gambit operates with a team of more than 50 professionals, providing investment advisory solutions across Europe.
BNP Paribas said transforming client expectations and the changing needs of the customer were the main drivers for the acquisition.
Gambit CEO Geoffroy de Schrevel said: "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."
BNP Paribas AM CEO Frédéric Janbon 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.
"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."
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