Allfunds reveals Asia ambitions 21 December 2016Singapore Reporter: Stephanie Palmer
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Allfunds Bank is opening a new branch in Singapore, to roll out its services across Asia.
The new office will initially cater to local fund providers and distributors, and those in Hong Kong and Taiwan.
It will start operations in early 2017, having already secured the required regulatory approvals.
The news follows a two-year investigation into the Asian markets, during which Allfunds worked on establishing business infrastructure in the region.
David Pérez de Albéniz, who led the process, said: “Banks, insurance companies, asset managers and wealth managers in Asia are taking a very hard look at their bottom lines and how effectively they run their business.”
“When talking to Allfunds they quickly realise that they can hand over mutual fund services to a business that has an institutional focus with a very extraordinary degree of specialisation—it is a powerful combination during these challenging times.”
Juan Alcaraz, CEO of Allfunds, added: “We have identified the key differences between the various countries and territories in Asia—as in Europe, they are all different with different requirements. But having gone deeply into the needs of the funds industry in the area, it became very clear, that our highly efficient open architecture model would suit most of Asian markets, so we see no reason to limit our ambitions in the area.”
He said: “We want to become global and entering Asian markets is a natural and resolute step for us”.
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