Singapore
21 December 2016
Reporter: Stephanie Palmer
Allfunds reveals Asia ambitions
Allfunds Bank is opening a new branch in Singapore, to roll out its services across Asia.

The new office will initially cater to local fund providers and distributors, and those in Hong Kong and Taiwan.

It will start operations in early 2017, having already secured the required regulatory approvals.

The news follows a two-year investigation into the Asian markets, during which Allfunds worked on establishing business infrastructure in the region.

David Pérez de Albéniz, who led the process, said: “Banks, insurance companies, asset managers and wealth managers in Asia are taking a very hard look at their bottom lines and how effectively they run their business.”

“When talking to Allfunds they quickly realise that they can hand over mutual fund services to a business that has an institutional focus with a very extraordinary degree of specialisation—it is a powerful combination during these challenging times.”

Juan Alcaraz, CEO of Allfunds, added: “We have identified the key differences between the various countries and territories in Asia—as in Europe, they are all different with different requirements. But having gone deeply into the needs of the funds industry in the area, it became very clear, that our highly efficient open architecture model would suit most of Asian markets, so we see no reason to limit our ambitions in the area.”

He said: “We want to become global and entering Asian markets is a natural and resolute step for us”.

More fund services news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
MainstreamBPO to expand in Europe and Cayman through Trinity acquisition
23 May 2017 | Sydney | Reporter: Stephanie Palmer
MainstreamBPO has entered into an agreement to acquire Trinity Fund Administration in Dublin and the Cayman Islands
Clearstream sees slight April upticks
22 May 2016 | London | Reporter: Stephanie Palmer
According to Clearstream’s monthly figures report, assets under custody increased from the €13.03 trillion recorded in April 2016
LGPS board releases transparency code for managers
22 May 2017 | London | Reporter: Drew Nicol
Asset managers looking to claim mandates from the LGPS pooling initiative can now sign up to a new fee transparency code ahead of the April 2018 deadline
Asset managers tackle Chinese bond market issues
19 May 2017 | Beijing | Reporter: Drew Nicol
Hong Kong asset managers met in Beijing to discuss the challengers surrounding China’s lucrative bond market
RBC wins Irish assets mandate
18 May 2017 | London | Reporter: Drew Nicol
Royal Bank of Canada has been chosen by Chiron Investment Management to act as custodian and fund administrator for its new Irish-domiciled Chiron Global Opportunities UCITS fund
Deutsche Bank adds to Pacific Life mandate
17 May 2017 | New York | Reporter: Drew Nicol
Deutsche Bank's fund services business will provide fund accounting and investor services to the Cadence Global Equity Fund LP
SS&C wins expanded Acadian mandate
17 May 2017 | Connecticut | Reporter: Drew Nicol
Acadian Asset Management cites collateral management and accounting expertise as key to SS&C mandate
More fund services news