Rapid growth in staff numbers at Europe’s largest mutual fund platform, Allfunds Bank, has led it to move its UK headquarters to 2 Fitzroy Place, 8 Mortimer Street, London.
Faced with the successful expansion of the platform business in the UK and a decision to focus its funds research business at the heart of the European fund industry in London, meant the business, which globally has over £170 billion (€215bn) under administration, has outgrown its former offices in New Bond Street.
In 2013 the business decided to renew its efforts in the UK market by bringing in executives with UK experience; encouraging senior overseas executives to work from London, and to develop and expand the funds research team in London rather than Madrid. As a result, numbers in London rapidly increased so creating capacity constraints.
The refocusing of Allfunds UK strategy coincided with the introduction of the UK’s Retail Distribution Review – a development which greatly favoured the type of funds platform that Allfunds Bank had introduced across the rest of Europe. Apart from providing a highly transparent funds platform, the focus on institutional rather than retail business meant that Allfunds become known for the greater efficiency and lower costs that a high volume business can deliver to its customers. In 2015, Allfunds was also recognised by asset managers for having the best potential to support their distribution strategies*.
The strategy refocusing has encouraged some big names in the UK market to move their business to Allfunds. These include institutional clients such as Charles Stanley, BWCI, Equiniti, and Multrees, as well as a number of other significant players yet to be announced.
Simon Shapland, Allfunds Bank’s Head of UK & Ireland said, “The move to Mortimer Street is testament to Allfunds’ commitment to the UK where our distinctive global offering is increasingly being recognised by an increasing number of financial institutions who are seeking greater efficiencies in the management of funds. The move to Mortimer Street allows us to continue to expand our operations, improve our efficiencies and it signifies our ambition and ongoing commitment to London and the UK market.”
(*) according to The Platforum European Fund Distribution Review 2015.