Allfunds Group said today (29 April) that in 2024 it has passed the milestone of €100bn in assets under administration in the UK.
Allfunds opened its UK branch in 2005 as part of its strategic expansion across Europe. Since then, the UK has become one of Allfunds’ "key" international markets.
In that time, it said the business has continued to capitalise on industry tailwinds to evolve its technology-enabled offering, fostering meaningful client partnerships and thereby delivering its services to ever more stakeholders in the wealth and asset management industry.
The €100bn AuA milestone is the culmination of a number of important, recent developments across Allfunds’ UK operations. Each has helped the business consolidate its market footprint and the role it plays as an enabler of clients’ business growth and competitiveness in an increasingly complex and dynamic industry environment:
In 2023, Allfunds hired Tom Wooders as UK country head, responsible for driving business scale and prominence in what is a key strategic market for Allfunds.
In the same year, Allfunds was authorised by the PRA and FCA to operate as a Third Country Branch in the UK.
Juan Alcaraz, chief executive officer of Allfunds said: “I am delighted that our UK business has reached this important milestone. The wealth and asset management industry continues to undergo transformations as a result of the need to digitalise client services, coupled with increasingly compressed operating margins that are compelling firms to seek efficiencies for their day-to-day operations.
"Reaching €100bn in assets demonstrates the impact that our sophisticated, innovative solutions have had on our ability to attract more clients and foster long-term relationships with them. I am confident in the ability of the UK business to continue growing and evolving and playing an integral role to the success of the wider Group.”
Tom Wooders, UK & Ireland Country Head at Allfunds, added: “Reaching €100 billion in assets under administration in the UK is a milestone that the entire local team should be proud of, and I would like to extend my thanks and congratulations to all for their commitment to their work. I would further like to acknowledge our clients and their continued trust in us; we look forward to remaining in close partnership with them in the years to come.
"Allfunds in the UK is an innovative, inspirational place to work and we continue to invest in our talent, as well as products and solutions to ensure this ethos endures and that we can continue to grow at the pace and scale we have achieved to date.”
