Allfunds to target Singapore and Saudi Arabia

Singapore on the mapAllfunds Bank is to focus on Singapore as it begins to build its mutual fund platform business in Asia.

Its current Middle East and Africa regional manager, David Pérez de Albeniz, is to relocate to Asia as part of the drive, while Allfunds – which is based in Spain – has appointed Yunus Selant, formerly of Skandia International, to replace him.

At Skandia International, Selant was head of Middle East and Africa.

Gianluca Renzini, Allfunds Bank deputy general manager, says: “We are launching a project to establish Allfunds presence in Asia and believe David Pérez de Albeniz to be the right representative for Allfunds in the region. We have identified a number of markets but Singapore remains the foremost contender.”

In the Middle East, Allfunds Bank says it is a leading institutional fund platform with 33 clients accounting for more than $2 billion in assets under intermediation. It has plans to enter markets such as Saudi Arabia and is exploring opportunities in Africa.

The exact date of Selant’s appointment in the Middle East will be announced shortly.

Spanish bank Santander and Italy’s Intesa Sanpaolo created Allfunds in 2000 and it now has more than $170 billion in assets under administration and offers close to 32,000 funds from 450 fund managers.

The business recently announced the appointment of Chetan Modi as a senior fund analyst in London. Modi joined from Mornginstar OBSR.

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