La Française and Allfunds Blockchain have entered into a partnership in view of using blockchain technology to gain operational efficiency and reduce costs associated with the international distribution of Funds to professional investors. La Française will join the Allfunds Blockchain network and run its own blockchain node allowing it to directly receive and process orders for its Funds (subject to local fund registration).

Allfunds Blockchain enables streamlined order routing and provides real-time viewing of all related processes to its participants, increasing transparency, efficiency and reducing costs of distribution for asset managers. In addition and once operational (target date: 1 semester 2024), this new setup will allow La Française’s professional investor client base to benefit from more accurate cut-off times and improved reporting.

With a clear initial focus on international distribution, La Française and Allfunds Blockchain are planning to leverage further on blockchain technology. They will explore options, using the same approach, based on concrete and scalable “use cases” with a demonstrable ROI, combined with a strategic view of how the Allfunds Blockchain value proposal can open the door to new applications in the finance industry and new distribution models around tokenization.

Thierry Gortzounian, Managing Director of La Française AM Finance Services, said: “The cooperation between Allfunds Blockchain and La Française will allow us to continue to improve the array of services that we provide to our clients, namely by processing their orders more efficiently in a simplified yet secure framework. The blockchain platform deployed by Allfunds Blockchain will facilitate access to La Française's securities asset management expertise and provide value to professional investors.”

Christophe Descohand, Head of Innovation of La Française AM Finance Services, added: “This partnership marks a first step in La Française’s overarching strategy to associate technology and asset management.  As such, we will be capable of offering improved operational processing at a reduced cost to our clients. We are delighted about the partnership with Allfunds Blockchain and looking forward to being operational.”

Rubén Nieto, Managing Director of Allfunds Blockchain, added: “We are thrilled and deeply honored to embark on this collaboration with an asset manager that has consistently been a pioneer in innovation. This new expression of trust reaffirms our vision for blockchain within the industry: unlocking its potential to streamline existing inefficient processes and using these initial strides as a springboard to expand its adoption.”

Madrid, 28 July - Allfunds Group plc (“Allfunds” or “the Company”) (AMS: ALLFG), one of the world’s leading B2B WealthTech platforms for the fund industry, offering fully integrated solutions for both fund houses and distributors, and Iccrea Banca have signed today a Memorandum of Understanding by which Allfunds will acquire Iccrea Banca’s local paying agent business (Banca Corrispondente e Banca Agente), with a related exclusivity agreement.

Iccrea Banca is the parent company of Gruppo BCC Iccrea (“BCC Iccrea Group”), the largest Italian cooperative banking group, ranked as the fourth largest banking group by total assets (€173.5bn) and third by number of branches in Italy (~2,440). BCC Iccrea Group was formed in 2019 as part of the reform of Italian Cooperative Credit Banks with 120 cooperative banks (BCCs).

With this transaction, Allfunds will build upon its position in the Banca Corrispondente or local paying agent business in Italy to better serve customers, while strengthening the partnership with an important financial institution in the country. The transaction will be Adj. EBITDA margin and EPS accretive from year 1 in consideration of the improved level of services and broader portfolio offered to clients.

It will have a neutral impact on Allfunds Banking Group’s liquidity position, as the acquisition will be fully funded through the Allfunds Group revolving credit facility.

Juan Alcaraz, Allfunds’ founder and CEO, said: “I am very pleased that we have entered this agreement with Iccrea Banca, parent company of BCC Iccrea Group, one of the leading players in the Italian banking sector. Being one of our core markets, in which we have been present since 2003, this transaction will contribute to our ambition to remain the top choice for any Italian institution in the WealthTech segment, by providing cutting-edge and comprehensive solutions for our clients. Our integrated offering will certainly help Iccrea to deliver superior added value to their clients.”

Mauro Pastore, General Manager of the BCC Iccrea Group added: “This agreement is part of the BCC Iccrea Group's strategy aimed at supporting development projects in the area of asset management, which correspondent banking is closely related to, and at improving the level of services related to access to financial markets provided to our BCCs and their customers. This transaction will allow us to capitalise on the value of these assets and to further increase our solid capital ratios.”

The transaction is expected to be signed before the end of 3Q2023 and closed before the end of the year, subject to customary closing conditions. Further terms of the transaction were not disclosed.

Madrid, 18 July 2023 – Allfunds (AMS:ALLFG), the leading B2B WealthTech platform for the funds industry, is pleased to announce the launch of the Allfunds Private Partners (APP) programme.

Earlier this year Allfunds announced that it had launched a specialised team and department, Allfunds Alternative Solutions, (AAS), focused on providing solutions to make alternative funds more accessible to distributors. This initiative was triggered by the increasing demand from distributors globally, particularly from the wealth management segment, to invest in private assets. The AAS team has been developing the technology that will streamline the operational aspects of private asset investments, making access to alternative funds as simple as that of conventional funds.

In addition to its innovative technological roadmap, Allfunds is proud to unveil the Allfunds Private Partners (APP) programme. This initiative is launched to better support the access to private market funds by its clients and to provide fund managers with a unique opportunity to make their products available to Allfunds distribution network.

This programme is open to a select number of partners with the expertise and drive to create leading, sophisticated products tailored for private banks and wealth managers. Today Allfunds is delighted to announce that some prominent alternative asset management and financial services firms, including Apollo, Blackstone, Carlyle, Franklin Templeton, and Morgan Stanley Investment Management, have joined as the first participants of this programme.

Allfunds and the members of the APP programme are committed to delivering market-leading products underpinned by simplicity and ease of access, to enable clients to invest in private market funds without traditional barriers.

Juan Alcaraz, CEO of Allfunds, adds: “We are excited about this project and unlocking the full potential of APP, and believe that this form of collaboration with our partners is key in developing solid relationships and effective solutions. We are eager to prove our disposition and put our expertise to work for this ambitious project that will surely bring new business opportunities for all those involved. We would also like to thank our initial members for joining us in this enterprise, as well as for their continued trust and support in Allfunds.”

Borja Largo, Chief Fund Groups Officer and Head of Allfunds Alternative Solutions states, “Allfunds has a deep commitment to quality and client care and the Private Partners programme is a natural evolution of that purpose. We want to set our clients up for success and our team will be dedicated to ensuring their needs are met with utmost care and attention to detail. Allfunds’ initiatives, whether building a totally new department or an innovative partnership programme, are just the natural evolution of Allfunds’ ability to navigate disrupted and fragmented markets, with the goal of providing easy access to alternative products, that have historically never been available to distributors.”

Additional Information

Veronique Fournier, Managing Director and Head of EMEA Global Wealth at Apollo, said, “We believe private market strategies are critical to a diversified portfolio that seeks to meet the long-term investment objectives of individuals and families. Apollo is pleased to be a founding participant of Allfunds Private Partners, a pioneering programme supporting seamless access and education, as we continue to develop and deliver semi-liquid products purpose-designed for global wealth investors.”

Rashmi Madan, Senior Managing Director and Head of Blackstone Private Wealth Solutions, EMEA said: “As the largest alternative asset manager globally, Blackstone is delighted to have joined the Allfunds Private Partners programme. This will allow us to deliver institutional quality private markets investments to Allfunds’ vast network of distribution partners globally. Working with innovative platforms like Allfunds is core to Blackstone’s strategy to make private market investing more accessible to individual investors. We look forward to working with the entire Allfunds team to continue educating clients on the benefits of including private markets as part of their diversified portfolios.”

Paul Ferraro, Global Head of Carlyle Private Wealth said: “We are delighted to continue our partnership with Allfunds, which extends Carlyle’s vast experience and long-standing reputation for investment excellence to this exciting marketplace. In partnering with Allfunds’ high-quality platform, we will focus on achieving our shared goal of enabling a broader range of banks, wealth managers and their clients access to private market strategies.” 

Adam Spector, EVP, Global Advisory Services at Franklin Templeton said: “We are delighted to join a select group of alternative investment managers on Allfunds’ newly-launched Private Partners programme. Franklin Templeton brings a wealth of capabilities as one of the world’s largest alternatives providers with over $257 billion in AUM across private markets.  We look forward to a successful partnership with Allfunds and its impressive network of banks and wealth management platforms globally.”

Jacques Chappuis, Global Head of Distribution and Co-Head of the Solutions and Multi-Asset Group at Morgan Stanley Investment Management said: “Morgan Stanley Investment Management has been offering private market funds to US individual investors for over 35 years. In that time, we have expanded our product and service offering to institutional clients across the globe. With the continued and growing demand for private markets products, in partnership with Allfunds, we are excited to bring our broad suite of capabilities to individuals globally.”