Global funds platform Allfunds has pushed further into the US and Canadian markets by sealing a significant agreement with Interactive Brokers, a leading global securities broker and custodian with over $348bn in client assets, as of June 2021.
The deal gives Interactive Brokers the ability to offer mutual funds to RIAs, broker-dealers and self-directed investors.
This is facilitated through Interactive Brokers' Mutual Fund Marketplace which gives clients access to 40,000+ funds worldwide, including 37,000+ no-load funds from over 400 fund families.
The Mutual Fund Search Tool can be used to search for funds by country of residence, commission charged, fund type or fund family. It can be accessed by clients from over 200 countries and territories and includes funds from Amundi, BlackRock, Franklin Templeton, Invesco, Lombard Odier, MFS Meridian, PIMCO and Schroder.
In addition, over 7,700 funds are available with no transaction fees.
Also, included within the platform is the ability to view suitable share-classes for RIAs and institutional investors.
Allfunds said it is in the process of building a pool of eligible funds to facilitate access of Offshore UCITS funds in Canada under the relevant local exemptions regime.
This, it said, will open the opportunity to fund managers to sell their products in an efficient and cost-effective manner to certain client types.
The agreement with Interactive Brokers strengthens Allfunds already sizeable reach in the USA offshore market.
In 2020 Allfunds opened its representative office in Miami to focus on the offshore market mainly composed of private banks, as well as, broker dealers, wirehouses and self-clearing firms.
Laura Gonzalez, global head of wealth management at Allfunds, said: "We are thrilled to continue to work with Interactive Brokers, a true leader in the electronic broker space. We have seen great success over the last several months working together and we look forward to seeing additional flows from Canadian and US investors into the platform.
Allfunds has clients in 60 countries and over $1.5trn in assets under distribution.
