French bank BNP Paribas has pounced for a 22.5% stake in Allfunds, one of the biggest sellers of mutual funds, marking the latest stage in the private equity-led consolidation of Europe’s retail investment supermarkets.

The deal is part of a new “strategic partnership” between Spain-based Allfunds and BNP Paribas’ custody arm, the two groups said in a statement on October 21.