Allfunds becomes fund platform provider of leading Chinese private bank
Allfunds, one of the world’s leading wealthtech providers, has been selected by China Merchants Bank (CMB) Group as its B2B investment fund platform partner, becoming the provider of access to third-party funds for its all overseas PWM&PB centers, especially in Hong Kong and Singapore markets. CMB group has signed an agreement with Allfunds to utilise Allfunds’ proficient fund distribution capabilities to support its fast growing private wealth management and private banking business globally. This move is also in line with the bank's strategy of continuing to deploy overseas business, and to make sustainable development and investment.
By selecting Allfunds, CMB’s overseas businesses will be able to gain access to the world’s largest fund distribution network offered by Allfunds with a broad range of investment funds and utilise the asset servicing services which Allfunds provides in Asia, and globally, including data & analytics, portfolio & reporting tools, research and regulatory services. CMB aims to utilise Allfunds’ automatic dealing to increase the efficiency and boost the growth of its fund business.
The cooperation with CMB, the No.1 private bank in China and Top 10 banking brands according to The Banker, provides Allfunds an opportunity to further expand and strengthen its position in Asia Pacific, as well as enhance its comprehensive and integrated solutions for third party funds. The Asian market is a core part of Allfunds growth strategy and it a extremely important region for the future ambitions of the wealthtech.
Juan Alcaraz, Founder and CEO of Allfunds commented,
“We are very pleased to partner with CMB, a highly reputable and leading private bank in China. We are excited about the huge opportunities ahead in the Asian and Chinese wealth management markets, which is an important part of our growth strategy as we continue to expand the global fund distribution network. We look forward to supporting CMB’s continuous expansion in the region.”
David Perez de Albeniz, Regional Manager Asia at Allfunds, stated
“CMB is well-established with the position of an innovation-driven digital bank in the region. As a leading wealthtech company, our team in Asia is committed to client experience, innovation and digital solutions. We are delighted to be able to help CMB move forward on the vision and support its growth ambition with our value-added and cutting-edge wealthtech solutions.”
Allfunds has a branch in Singapore and a team of 17 employees who bring in-depth knowledge of the particularities of the Asian markets as well as substantial experience in the region.
Earlier this year, Allfunds opened a new office in Hong Kong as the hub for its North Asia business, broadening its ecosystem with new distributors and fund managers coming from the region.
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