Two rival French asset managers have combined their trading and distribution services in a bid to capitalise on the growing trend among funds houses in Europe of outsourcing back-office functions to cut costs.

Crédit Agricole Asset Management has sold a stake worth almost 50% of its Fund Channel distribution platform to rival BNP Paribas Investment Partners. The platform will serve their combined client base of 197 asset managers with €20bn ($28.5bn) under management and the duo also plan to offer the service to funds houses.