Fund solutions provider Allfunds reports it is launching its Asian operational hub in Singapore to service local business as well as those in Hong Kong and Taiwan. The hub will also pursue other opportunities across Asia.
Allfunds CEO, Juan Alcaraz, says he is confident that the time is right to press ahead with Allfunds’ expansion. Not only is the Allfunds platform business readily leveraged into new territories at relatively low cost, but there is growing demand from many wealth management distributors to streamline operational efficiency, focusing on asset servicing, data analytics and fund research, for potential outsourcing areas. Also, the expanded distribution reach that Asia provides Allfunds’ existing asset management partners improves the potential for distribution of their funds.
Alcaraz said: “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. Asia will massively contribute to the future definition of the global asset management industry due to its economic and demographic significance, and its accelerated digitalisation pace. China is, and definitely will be in the coming future, a significant contributor to these trends due to its relevance and magnitude in the global economy. We want to become global and entering Asian markets is a natural and resolute step for us.”