Allfunds Group plc (Allfunds) has received notice from UBS that, as a result of UBS’ merger with Credit Suisse, UBS has taken the decision to replace Allfunds as fund distribution platform partner for the former Credit Suisse business (now UBS), with UBS’ current fund platform partner with effect from 1 January 2025. UBS has today advised the relevant fund managers of its plans. The decision taken by UBS does not reflect any concern or dissatisfaction with the platform or levels of service provided to Credit Suisse by Allfunds, as confirmed by UBS, and is a consequence of the merger of Credit Suisse with UBS.

The former Credit Suisse business agreed to use Allfunds as its fund distribution platform on an exclusive basis (the Former CS Fund Distribution Activities) under the cooperation agreement in place with Credit Suisse dated 25 June 2019 (the Cooperation Agreement). This Cooperation Agreement provides for exclusivity through June 2026, with the option of a further three years to June 2029 at Allfunds’ sole discretion. Allfunds is taking the relevant steps to preserve its legal rights and remedies in connection with the Cooperation Agreement.

With regard to the Former CS Fund Distribution Activities covered under the Cooperation Agreement, the revenue generated from the Former CS Fund Distribution Activities represents approximately 3% of Allfunds’ total revenues as of 30 June 2024.

The remaining Allfunds business excluding the Former CS Fund Distribution Activities has exhibited materially better underlying revenue growth and AuA net flow characteristics since 2021, specifically:

•   +2.5%-pts higher annual revenue growth than on a reported basis (16.2% vs. 13.8% revenue CAGR 2021-2023);

• +3%-pts higher net platform flows (from existing and new clients) than on a reported basis (10% vs. 7% average annual net flows); and

• H12024 net flows from existing and new clients excluding CS/UBS were +€22 billion compared to +€14 billion on a reported basis.

The Company expects the outlook for 2024 to remain unchanged.

Further announcements will be made if and when appropriate.

This is a public announcement by Allfunds Group plc pursuant to section 17 paragraph 1 of Regulation (EU) No 596/2014 on market abuse.

New Head of Global Operations will drive overall operational alignment for the business and deliver new synergies between its key international markets 

Newly-created Chief Data Officer role will advance platform and data strategies across Allfunds

Madrid / London, 8 July 2024 – Allfunds, a leading B2B WealthTech platform for the funds industry offering fully integrated solutions for both Fund Houses and Distributors, today announces two senior appointments as the business continues to pursue initiatives to optimise performance and efficiencies across its global operations.

Paola Rengifo joins as Head of Global Operations in Madrid. In her role, Paola will focus on implementing an efficient global operational structure, working towards synergies, innovation, and automation, all aimed at business process reengineering in close partnership with technology.

With a career spanning three decades, Paola has accumulated extensive international responsibility in the financial services sector through her roles driving the analysis and implementation of firms’ corporate strategies with a focus on platforms, products, and resources. In addition to her senior roles at firms including JP Morgan Chase & Co., she served as an Advisory Council Member of business Technology and Innovation of the Santalucía S.A. Group, and presently holds an Associate Board Member position at the Consejo de Innovación y Buen Gobierno (CIBG) in Spain.

Paola joined Allfunds in May 2024 and reports to Antonio Varela, Allfunds’ Chief Operating Officer.

Miguel Ángel Treceño joins as Chief Data Officer, a newly-created role in which he will focus on digital transformation and maximizing the value of Allfunds’ data driven culture. 

Miguel Ángel is a deeply-experienced leader and executive, having worked for more than 20 years in international financial services and wealth management firms where he helped to shape their technology, operations and finance capabilities in line with evolving business strategies. Having begun his career at Credit Suisse, Miguel Ángel has also held senior roles at other global banks including Santander, JP Morgan Chase & Co., and Citibank. He latterly directed a multidisciplinary global team at Citi, overseeing the firm’s Data Strategy, Architecture and Data Investment programmes and initiatives for its Wealth Banking, Lending and Custody platform in New York City.

Based in Madrid, Miguel Ángel joined Allfunds in June. He will also report to Antonio Varela.

Antonio Varela, Chief Operating Officer at Allfunds, continued: “I am delighted to welcome Paola and Miguel to our team, their appointments are testament to our focus on bringing market-leading talent into our business, to drive internal collaboration and pursue further synergies that ultimately deliver an optimal service for our clients. Allfunds is at the vanguard of transformation in the wealth management industry; with the support and creativity of our growing team, we are confident in our ability to remain a critical partner of choice to our clients, surpassing their expectations in an ever-evolving environment.”

Today Allfunds unveils a new range of innovative widgets (micro-applications), a new milestone in its delivery of the most advanced tools in the WealthTech space. Through the seamless integration of browsing data from a user base which includes professional investors from over 800 financial institutions, and cutting-edge artificial intelligence algorithms, these widgets provide unparalleled insight into market trends and investor behavior. This empowers asset managers to make more informed decisions and stay ahead of the competition in today's dynamic investment landscape, who can expect:

• A snapshot of the most relevant data, including most-visited funds, popular asset classes, and frequent comparisons broken down by geographical region, by entity, etc., information that was previously unavailable.

• A ranking list of ESG funds rated best by MainStreet Partners, simplifying the process of making sustainable investment choices.

This rollout is just one of the new updates that Allfunds is developing for its digital ecosystem, Allfunds Connect, to expand its offering beyond fund distribution, consolidating as a provider of integrated services for the entire asset management value chain.

These widgets strengthen Allfunds’ position on data analysis and complement the tools of Allfunds Data Analytics, the area that specializes in market intelligence and asset and cash flow analysis, based on a universe of over 3.3 trillion euros. The combination of different services improves result accuracy and makes it possible to forecast user needs by providing the right information at the right time.

By adding these widgets and other popular utilities such as Fund Insights, a section with financial news, opinion articles, and the strategic vision of the world’s leading fund managers, Allfunds Connect is becoming the perfect control center for all investment professionals, who can customise its appearance and choose they information they want to see.

·  Allfunds will support ICBC (Asia) in expanding its cross-border fund accessibility

·  The partnership involves future plans for advanced WealthTech solutions, offering exceptional added value

Madrid and Hong Kong, 27 June 2024 – Allfunds, a leading B2B WealthTech platform for the funds industry, announces today a strategic partnership with Industrial and Commercial Bank of China (Asia) Limited (“ICBC (Asia)”).

The partnership between ICBC (Asia) and Allfunds will provide a technological fund platform for ICBC (Asia) to simplify manual processing, reduce operational risks, enhance operational efficiency, and automate transactions.

The agreement helps improve customer experience and provides a one-stop solution for global fund transactions for institutional investors.

Allfunds will provide technological solutions and operational support to help ICBC (Asia) streamline its international investment operations, reduce administrative work, and improve the efficiency of managing foreign investments.

In a second phase of the partnership, ICBC (Asia) will integrate some of Allfunds' digital solutions: Allfunds will build an API (Application Programming Interface) data platform, which will enable seamless retrieval and integration of value-added fund data and reports. ICBC (Asia) will also have access to Allfunds' flagship portfolio solution, nextportfolio, a powerful tool for portfolio managers that offers multi-asset capabilities and a fully tailored, mobile-ready, digital experience.

David Pérez de Albéniz, Regional Manager for Asia at Allfunds commented: “We are delighted to support ICBC (Asia) in its growth ambitions beyond Hong Kong, where it is already an established market leader, as we continue to develop our ecosystem and specialize further in servicing custodians in Asia, and globally. I am confident that with this partnership, ICBC (Asia) will further strengthen its value proposition and achieve greater scalability and efficiency in servicing its customers.”

Xu Lei, Deputy Chief Executive Officer at ICBC (Asia) added: “We are pleased with our partnership with Allfunds and we believe that there are many possibilities for us to explore together. Industrial and Commercial Bank of China Limited (“ICBC”) is one of the largest custodian banks in China. As the flagship overseas business of ICBC, ICBC (Asia) provides global custodian services, covering more than 90 markets worldwide through ICBC inter-group organizations and sub-custodian network. ICBC (Asia) supports various global investment products, such as QDII, QFI, Bond Connect, CIBM and other cross-border businesses; as well as Hong Kong Unit Trust, Cayman funds, Separate Accounts, OFC, LPF, SPAC, Escrow and other Hong Kong local and overseas businesses.”