On Tuesday, Credit Suisse, Swiss bank announced that it has merged its business-to-business investment fund platform – Credit Suisse’s InvestLab – with Spain-based funds solutions provider Allfunds Group. Allfunds has a huge global distribution platform through which it provides services supporting the mutual fund distribution activities to hundreds of clients across Europe, Asia and Latin America.
Credit Suisse said in a statement that the Zurich-based company would be a ‘minority shareholder with a distribution relationship’ i.e. 18 percent, whereas the majority ownership would be held by private equity house Hellman & Friedman and Singapore sovereign wealth fund GIC. Singapore’s GIC and Hellman & Friedman acquired Allfunds in 2017.
“Going forward, Credit Suisse will utilize the combined business platform to distribute mutual funds and ETFs,” the Swiss bank said in a statement.
Swiss bank’s InvestLab platform offers distributors access to over 46,000 investment products worldwide with assets under management of more than 140 billion Swiss francs ($144.21 billion). Whereas Allfunds, world’s largest institutional fund distribution network, offers about 78,000 investment products to financial institutions across more than 45 countries, with assets under management of more than 430 billion francs. It is said that the combined business would administer 570 billion francs in cross border distribution into 45 different countries.
Together the two would leverage the global wealth management footprint of Credit Suisse and the technological innovation of Allfunds, further enhancing the service offering to asset managers and distributors worldwide.
‘We are creating a stronger player in the platform and wealth technology space,’ said Allfunds chief executive Juan Alcaraz.