BNP Paribas Asset Management, in a "major move" into managed accounts, has bought Boston, Massachusetts-based fund technology firm FundQuest Inc., according to a news release.

FundQuest, started in 1993, provides wealth management technology for banks and insurance broker-dealers.

BNP Paribas plans to use the FundQuest brand globally. In Europe, the bank plans to marshal the forces of FundQuest and Cortal Consors Fund Management, a BNP subsidiary that provides analysis of funds as well as fund-of-fund management and other advisory services. Cortal was acquired by BNP Paribas in October of 2004.

"In the United States, BNP Paribas will make a major move into managed accounts … capitalizing on BNP Paribas strong position in banking services in the U.S.," stated officials in the release.

"FundQuest is an integral part of the strategic vision to create a global wealth management platform based on best-in-class manager selection and superior technology. We will capitalize on FundQuest's strong position as an independent managed account provider," said Gilles Glicenstein, chairman and chief executive officer of BNP PAM.

"We will develop a new consultative sales approach, providing our clients with easy to use, high quality advice-based tools," said Glicenstein.

In an interview with MFWire, BNP PAM chief operating officer Vincent Lecomte said that FundQuest will remain independent in its selection of managers and that there will be a "strong Chinese wall" between the group and any in-house BNP PAM money managers.

BNP PAM and FundQuest may branch out into other services, including managed accounts for retirement plans and other private-labeled solutions, said Lecomte.

FundQuest currently counts 65 banks and insurance companies as clients.  

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