European platform provider Allfunds Bank has become Europe’s largest mutual fund platform, overtaking UBS for the top spot, with €147 billion in assets under administration.
Allfunds was also selected by asset managers as having the greatest potential to support their distribution strategies, according to business information company The Platforum’s European Platforms and Open Architecture 2015 Guide
The bank says its focus on B2B services, expertise in mutual funds and a full service in mutual fund distribution, including independent research, are key drivers for its success.
Following Allfunds, UBS Fondcenter was the second largest European platform, with assets under administration at €144 billion, and Credit Suisse Fund Lab came third at €95 billion.
The remaining top ten were as follows:
5) BNP Paribas Securities Services
6) FIL FundsNetwork/Personal Investing
7) Hargreaves Lansdown
8) Societe Generale Securities Services
9) State Street
10) Fund Channel
Three of the top ten platforms covered the international market, three covered Italy, a further three the UK and one Switzerland.
The Platforum guide also comments on the upcoming MiFID II European fund regulations, suggesting the platforms that will be most successful in dealing with the new regulations will be those who provide strong technical services for fund administration while also helping asset managers with fund selection and providing support in commercial negotiations.
The Platforum’s research focused on platforms providing transaction, custody and execution services, and providing institutions and advisers with access to the broader third-party fund market. The quoted assets under administration are as of September 2014.
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