Allfunds Bank hits €121bn AUA on platform
Allfunds Bank’s asset platform has moved beyond the €121bn mark with the addition of Channel Islands actuary and administrator BWCI, as it seeks to build its UK business.
The addition of BWCI follows the decision of Allfunds to step up its business focus via Allfunds Bank UK on wealth managers as another set of institutional users of its platform, which claims access to some 40,000 funds from 450 managers.
Allfunds Bank UK is seeking to offer services across all areas of asset administration, including trading, settlement, custody and information.
Stephen Mohan, who heads the UK management team, said: “BWCI is one of a growing number of high quality firms who are interested in our ability to reduce their operating costs and risks in fund selection and administration. We are naturally delighted to welcome BWCI into a business which has over 400 wealth management partners around the world.”
Allfunds Bank already administers some £11bn of assets for some 20 clients in the UK, and has developed a model that is compliant with RDR rules, including offering more than 4,600 RDR share class ISINs.