Allfunds Bank hires Stephen Mohan to push UK growth
Allfunds Bank has hired Stephen Mohan from Cofunds to spearhead its push into the UK platform market.
The UK platform market has been growing strongly, and the business – which is owned jointly by Santander and Intesa Sanpaolo – is keen to ensure a presence. It said it has one of the largest RDR share class offerings, including more than 4,600 ISINs, 1,700 of which are UK onshore.
Allfunds already claims some €94bn in assets under administration, offering some 29,000 funds via its platform. It counts institutional clients in 26 markets, and a local presence in Spain, Italy, UK, Chile, UAE and Luxembourg.
Mohan, who starts his new role in October 2013, has been heavily involved in the UK platform market for much of the past decade. He has worked at Fidelity and Funds Network, and for the past eight years has been in charge of all the operational setup at Cofunds, as managing director of Operational Services. He managed the Cofunds Institutional business for five years, and is chair of the UK Platform Group.
Allfunds said it is the only player in the UK dedicated solely to offering fund servicing to institutional firms. It will continue to develop its multi-currency service proposition for this market, it added.
Mohan will report to Gianluca Renzini, Allfunds Bank’s chief commercial officer, and will lead the London office that today administers £10bn of assets across 20 UK clients.
Juan Alcaraz, Allfunds Bank’s chief executive, said: “The recruitment of Stephen reflects our commitment to the UK market and the reinforcement of the platform with one of the most relevant managers in the UK platform space. His experience will boost our operations in the UK and will improve our service delivery as we move into our next phase of growth. We believe our UK&I business should be one of the main drivers of growth for Allfunds Bank going forward”.
Allfunds is understood to be preparing further hires as it seeks to grow its UK presence.