C. Hoare & Co, the UK’s oldest private bank, has appointed Allfunds Bank as platform provider for its mutual funds.
The bank founded in 1672 said it selected Allfunds for its expertise in issues such as multi-currency transactions as well as for its international reach.
The move will allow C. Hoare & Co to offer access to a full open architecture strategy.
“In an increasingly competitive environment, we need partners who can help strengthen our core proposition, which combines our traditional values with a modern approach to banking. We take pride in delivering an outstanding service tailored to our customers’ needs and Allfunds Bank can assist us in doing so,” said C. Hoare & Co’s COO Stuart Bates.
Hoare & Co, said it was vital for wealth managers and private banks to be confident in the middle and back office support structures for trading and investment portfolios.
“The Allfunds Bank platform has international standing as a market leader as it offers a comprehensive dedicated funds service for private banks such as ours. The ability to provide segregated accounts and offer support within the funds processing lifecycle is extremely helpful in ensuring we can go that one step further, meeting the high levels of service our customers demand,” Bates said.
Simon Shapland, Allfunds’ head of UK and Ireland, said the platform is constantly reviewing how it can better serve intermediaries and their end clients.
“We want to offer the best tools, such as the single legal agreement, to enable firms to undertake business simply, with confidence, through safe and secure processes. We have seen a growing demand for multi-currency global funds offerings, which allow businesses to scale up their operations while maintaining efficiency in a single process,” Shapland said.