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In 2024, Allfunds achieved a remarkable year with record-high €1.56 trillion in AuA, capturing a 28% market share in the European cross-border UCITS segment. Leveraging this increased open architecture penetration and strategic diversification, Allfunds plans to capitalise on growth opportunities in private markets, in fixed-income products and in sustainable investments. Our strong cash flow generation and excess capital highlights our capacity to invest in future growth potential and assess the best returns for our shareholders.
"Powering connections" is the driving force behind our success. By fostering strong relationships with our partners and clients, we have delivered another year of record financial performance. These connections have enabled us to accelerate growth in assets, revenue, and profitability, demonstrating the tangible impact of our collaborative efforts and strategic investments. Through these powerful connections, we continue to build a thriving ecosystem that supports sustained growth and innovation.
Allfunds platform is resilient, scalable, and adapts to market trends, ensuring
robust performance and growth. This responsiveness allows us to meet client needs effectively and
foster long-term partnerships.
Allfunds provides a comprehensive platform that streamlines operations and enhances
connectivity for distributors and asset managers. It offers unparalleled access to a vast network of
funds and distributors, catering to the specific needs of each group.
A set of intuitive, user-friendly services and solutions to help our clients grow
their business, strengthen client relationships, and simplify their operations.
At Allfunds, 'powering connections' is at the heart of our mission. We strive to be the most
comprehensive one-stop shop for all our partners, offering an unparalleled suite of functionalities,
dealing services, technology solutions and digital tools - all within one ecosystem.
Leveraging our robust business model, we effectively apply different strategies to overcome challenges,
grow our business, improve our competitive position, and transform the WealthTech industry.
By fostering strong connections with our clients, we empower them to navigate the complexities of the
financial landscape with confidence and agility. They in turn can capitalise on our positive momentum and
robust growth.
Subscription-based business deep dive
Allfunds subscription services complete Allfunds value proposition for Asset Managers and Wealth
Managers, supporting them end-to-end across their value chains.
Allfunds WealthTech solutions combine a suite of services and tools designed to drive end-to-end wealth management. We offer software as a service (SaaS) and on-premise solutions to cater the wealth management needs of asset management companies, banks & wealth Managers, and Insurance Companies.
Benefits to Distributors End-to-end solutions to enhance your value proposition
Benefits to Fund Houses End-to-end solutions for those wishing to unlock new distribution channels and streamline their reporting
Licences to access our digital ecosystem of powerful tools and services to help our clients increase sales, enhance efficiency and deliver exceptional client service.
Benefits to Distributors and Fund Houses Our digital ecosystem enhances client service by streamlining operations, improving communication, and providing real-time data and insights, ensuring personalized and responsive support.
Allfunds helps its clients comply with ESG regulations in multiple jurisdictions, offering a one-stop solution for ESG that includes the analysis, data and ESG reporting required to market their funds. Allfunds’ ESG tools address and support the growing demand for sustainable investing strategies providing a one-stop shop to meet sustainability requirements at portfolio level.
Benefits to Distributors An advanced suite of solutions to tackle the ESG challenge and meet the full cycle of financial institutions’ business needs.
Benefits to Fund Houses An advanced suite of solutions to tackle the ESG challenge and satisfy the full cycle of financial institutions’ business needs.
Allfunds helps clients be compliant across multiple jurisdictions so they can meet regulatory requirements when registering funds in a new country. Furthermore, Allfunds’ platform simplifies regulatory reporting for Asset Managers.
Benefits to Distributors
Share class selection tool
Corporate actions
Fund documentation
Regulatory reporting
Benefits to Fund Houses
Connect Integrated Dashboard – CID with AML/KYC library
Fund registration and representation services
Regulatory reporting
Allfunds offers a wide range of investment solutions for Distributors and Fund Houses including Management Company (ManCo) white label services in connection with the creation and distribution of UCITs funds in Luxembourg and Ireland.
Our differentiation lies in our global UCITS Distribution capabilities.
A dedicated investment team
16 members focusing solely on mutual funds
200 years of combined investment experience
Luxembourg, Madrid, Milan, Zurich
>930 distributors
66 countries
15 countries TPM's selection
Benefits to Distributors
Due diligence and fund monitoring
Model portfolio solutions
B2B Sub-Advisory platform with multi-boutiques offered
Fund wrapping capabilities (DPM wrappers, FoF etc.)
Allfunds provides unique platform to develop highly actionable distribution insights for the fund industry worldwide.
Benefits to Fund Houses
Access unique real time transaction data
Access over €4.5 trillion in assets comprising fund-infund and subadvised fund data universes as well as realtime analytics of daily transaction data from Allfunds distribution platform
Identify smarter actionable distribution insights
Identify smarter actionable distribution insights
User-friendly AI powered platform ready to use
No implementation. Simple, easy to use platform, powered by an AI chatbot agent. Access actionable insights through a few clicks
AllfundsAllfunds Blockchain is a dedicated software company focused on developing solutions for the entire fund industry. The team has built a blockchain market infrastructure to transform the fund industry and its network operator.
Benefits to Distributors
Reduce cost of the existing distribution model, digitalising existing manual processes Relieving current pain points: account opening, transfers, etc
Real-time concept: data access, clients look-through, reconciliation, extended cut-off etc
Benefits to Fund Houses
Automation and efficiency for transfers to reduce time and cost and allow fast dealing Tokenisation and distribution: discovering new markets and new segments of clients
Combination of traditional distribution channels with new alternatives to be attractive for next-gen of investors
Generating shareholder value
Our investment case is driven by our clear strategy to deliver long-term growth.
We have a highly professional team, leading market positions and benefit from secular market growth trends.
This, combined with our long-term strategy to drive sustainable growth, means we're confident we can deliver
value for our stakeholders.
Ideally positioned to keep capturing market share (x2 gain in 5 years)
Large & high-growth market underpinned by open-architecture penetration and
outsourcing
A one-stop shop
Compelling value proposition
Sticky value proposition for blue-chip clients (~99% distributor retention)
Game-changing digital tools and proprietary technology
Continued focus on operating efficiencies
Private markets platform
Superior financial profile
Best-in-class growth (+14% CAGR 20-24 in net revenues)
High margin and strong cash flow generation (Adj. EBITDA 67% and average €220m in L3Y)
Proven M&A track record, successfully closing and integrating 6 acquisitions in 4
years
Unique and attractive revenue model
“Buy-free” model for Distributors
Paired with powerful flywheel effect
Continuous innovation
Continued market share gain
Allfunds has a solid track record in developing business activities both in its existing markets and outside
its core markets. This has fuelled the successful growth of its international market share.
Progress in 2024
Our superior offering has enabled us to maintain our share of the existing addressable market, despite
challenging market conditions. In 2024 we achieved continuous onboarding of Distributors and Fund
Houses.
How we measure it
Total market share
Market appreciation in 2024
AuA growth in 2024
Future priorities
Continue gaining market share, especially in new markets we have just entered
Expansion to new markets
Measuring our progress
To ensure continuous improvement in our performance and responsible business practices, we have defined key
performance indicators to measure our progress in achieving our strategic goals, servicing our clients,
retaining talent and ensuring the successful scalability of our platform.
Financial and Non-financial measures
AuA (bn)
€1,558bn
Description: Assets under administration through our platform
Definition: AuA is the total market value of the volume of units or shares of UCIs
(undertakings for collective investment) which are managed by Fund Houses
Adjusted EBITDA margin %
66.8%
Description: Adj. EBITDA margin is a measure of our profitability and the efficiency
of our operation
Definition: Adj. EBITDA margin refers to adjustments to the EBITDA figure that
relate to costs and income that the Allfunds Group believes are not reflective of the ongoing
performance of the business and are thus added back
Net revenue (m)
€632m
Description: Revenues from sales
Definition: Net revenue represents the Allfunds Group’s fee, commission and service
revenues less fee, commission and service expenses, plus the net interest income from treasury
activities. Net revenues comprised of net platform revenue, net subscription revenues and other
revenues
Normalised Free cash flow
€228m
Description: FCF is a measure of operating performance and underlying cash
generation
Definition: Profit/(loss) for the year after tax, excluding net interest expense,
tax credit/(expense) and depreciation and amortisation. Adjusted to exclude: separately disclosed
items; impairment losses; losses on disposal; and amortisation of intangible assets acquired as a
result of business combinations, net of underlying capital expenditures, rental expenses, net interest
expense and effective tax rate of the year
EBITDA margin
63.5%
Description: EBITDA margin is a measure of our profitability and the efficiency of
our operation
Definition: EBITDA margin refers to EBITDA figure calculated under IFRS approach
over total revenues of the year
FH – Client retention rate
96.7%
Description: High retention rate signifies client satisfaction and recurring
business
Definition: Calculated as 1 minus churn rate. Churn figures based on Fund Houses
with GDAsin place that have cancelled their agreements during the year, excluding M&A
D – Client retention rate
99.8%
Description: High retention rate signifies client satisfaction and recurring
business
Definition: Calculated as 1 minus churn rate. Churn figures based on total AuA lost
in a given year due to Distributors leaving the platform, excluding M&A
Robust governance and improved Sustainability metrics
“Allfunds' Board places great importance on its succession and has been working to ensure continued experience in the boardroom through staggered elections and re-elections of its members."
David Bennett
Board Chair
The 2024 Corporate Governance Report underscores Allfunds' dedication to robust governance practices, with a focus on strategic board succession and adherence to the Dutch Corporate Governance Code, all aimed at fostering the Group's long-term success. Additionally, notable advancements have been achieved in 2025 regarding the ESG Strategic Plan 2024-2026.
“Act with integrity and transparency, complying with the highest standards and
applicable regulations at all levels of the organisation.”
Allotted specific duties to the Board of Directors and each of the Board Committees with
regard to sustainability and ESG topics
Reviewed the progress of ESG Strategic Plan targest for 2026
Reviewed a number of existing ESG-related corporate policies such as Supplier Code of
Conduct, Charity Fund Policy.
Directors received an intensive, customised ESG training programme
Re-evaluation of our ESG risks and in particular environmental and climate-related risks in
accordance with Task Force on Climate-related
Financial Disclosures (TCFD).
Re-validation of Compliance Management Certification based on the international standard ISO
37301:2021.
Updating the procedure and giving greater visibility to the Reporting Channel to report any
irregularities, especially those that might constitute improper practices, law breaches or
allegedly illegal acts.
KPI 2024
96.6%
Compliance with the applicable Best Practice Provisions of the Dutch Corporate
Governance Code
99.9%
Employees trained about AML and CFT
0
Complaints received through the Reporting channel
0
Incidents of corruption
2
Talent management
“Seek the personal and professional development of our employees in a diverse and
safe working environment.”
Continued to progress on the Human Capital Management Strategic Road Map.
Awarded the Top Employer certification in Spain.
We have broadened our employee base, increasing the number of represented nationalities by
30%—from 47 to 61. Additionally, we have significantly improved gender diversity in
leadership, raising the ratio of women in Executive and Senior Management positions from 19.4%
to 28.2%.
Negotiations with the Working Council in Spain have progressed on the Equity Plan, which
includes an updated protocol for addressing sexual harassment and gender-based harassment.
Expanding our training course offerings has led to a substantial 58% increase in average
training hours per employee, rising from 12 hours to 19 hours per employee.
In our continued commitment to employee well-being, we have introduced a series of workshops
focused on emotional health and physical wellness.
Our average engagement rate has improved to 75 out of 100, up from the previous score of 72
out of 100, reflecting a more engaged and motivated workforce.
KPI 2024
1,074
Total employees (4.6% decrease)
61
Nationalities
96%
Employees with permanent contract
19
hours training hours per employee (58% increase)
421
Women (39.2 % total employees)
93.4%
Retention rate
3
Digitalisation and innovation
“Pursue innovative digital technologies to offer our clients products and
services that are more agile, efficient and secure.”
Innovation
Allfunds drives AI innovation and infrastructure optimisation with Google Cloud.
Developed a new range of advanced widgets integrating user browsing data from 800+ financial
institutions with AI algorithms.
Launched a new Alternatives microsite within Allfunds Connect.
Creation of two new services: Fund Registration and Regulatory Reporting
Allfunds Blockchain
Expanded the capabilities of its FAST solution to digitise the process of switching mutual
fund portfolios between financial providers.
Tokenisation of a Luxemburgish ELTIF and a BBVA Asset Management investment fund.
IT Security
Adopted the new NIST CSF 2.0 framework.
IT Security Director Plan has been extended to 2025 including DORA, Zero Trust and Cloud
strategy.
Renewed the ISAE 3402 (SOC 1 Type 2) certification to the quality of outsourced managed
hosting solutions.
Compliance with technical exercises for financial institutions in compliance with
TIBER-EU.
KPI 2024
4h
Recovery Time Objective (RTO)
800
BitSight rating (Top ranking)
0
phishing incidents
4
Responsible investment
“Promote and integrate ESG criteria into investment services to encourage more
sustainable capital markets.”
Renewed our commitment to the Principles of Responsible Investment of the United Nations.
Launched Sustainability Navigator: a cutting-edge automated tool designed to efficiently
build and audit Article 8 and 9 portfolios in line with the current EU regulatory framework.
Reinforced our ESG proposal, expanded our capabilities through different tools and services,
responding to the new regulation and giving a 360º ESG solution to Fund Houses and
Distributors
Fund tools: providing advanced ESG search criteria and comparison tools
Unique ESG Funds Ratings: going above and beyond your typical fund rating, offering a
trusted solution for ESG due diligence and regulatory compliance.
Portfolio Solutions: increasing capabilities to make ESG-related investment advice with the
use of efficient and compliant tools.
Reporting: providing a set of reporting possibilities at fund and portfolio level and ESG
analysis in clients' look and feel.
Direct access to ESG Everything Platform with the same access credentials, to facilitate the
use and analysis of information.
AuA of Allfunds’ platform related to ESG (article 8 and 9 SFDR) (+2 pp vs
2023)
46.2%
Allfunds´ revenues are linked to ESG products and services
5
Social commitment
“Contribute to positive change in the communities where we operate.”
Enhanced our ESG criteria for suppliers by: introducing a new supplier matrix that assesses
their impact; increasing requirements for crucial suppliers to ensure stronger compliance with
sustainability standards; and by updating our Supplier Code of Conduct to reinforce our
commitment to responsible and ethical business practices.
Duplicate social contribution to non-profit activities (crowdfunding initiatives, new
charity sport events, charity market sales, new volunteering activities) while celebrating our
10th Anniversary of the foundation of Allfunds Charity Fund.
Increased volunteering hours of our employees by 214% vs 2023.
Sponsored different activities.
KPI 2024
€426,177
Investment in the community
1,580
Nr. hours of employees involved in volunteering activities
55
Supported foundations/non-profit associations
29.8
Average days payable supplier ratio
€86.3m
Supplier expenses (78.34% invested in local suppliers)
6
Environmental protection
“Work to operate more efficiently and respectfully towards the environment”
Published our first TCFD Report, providing a comprehensive analysis of climate-related risks
and opportunities based on our 2023 data.
Achieved alignment with the Paris Agreement, ensuring that our activities do not contribute
to a global temperature increase beyond 1.5°C.
Expanded our use of renewable energy across more offices, increasing its share of our
electricity consumption to 92% - up from 75% in 2023.
Revalidated carbon footprint ISO14064 and Environmental Management System ISO 14001
certifications.
Completed 60% external environment audit in offices (covering 87% employees) according to
ISO 14001.
Completed a new employee survey to calculate CO2 emissions of employee commuting.
