Wealthtech firm Allfunds said it is expanding in Asia with a new office in Hong Kong.
The European fund distribution platform was recently granted the Type 1 and 4 licenses by the Hong Kong Securities and Futures Commission.
Globally, Allfunds has over €620bn ($677.85bn) assets under administration. Its operations in Southeast Asia alone is worth $20bn, according to the firm.
Now, Allfunds is looking to replicate that success in North Asia, with its new Hong Kong office becoming the hub.
‘The new office will play a key role in Allfunds’ regional growth and our team will build on our long-standing relationships whilst establishing new foundations in Hong Kong,’ said CEO Juan Alcaraz.
The new team will be led by Louis Poon, head of Hong Kong, and Stephanie Chan, head of client services, Hong Kong.
Both executives will report directly to Allfunds’ Asia head David Perez de Albeniz, based in Singapore.
Poon brings over two decades of experience in the asset management and banking industry. He was most recently the head of Asia distribution, investment management at VTB Capital.
Chan joins from HSBC, where she served as manager, client management, securities services. She has over a decade of experience in securities and asset management.
‘We continue to see Asian markets offering great growth potential in the mutual funds space and we look forward to broadening our ecosystem with new distributors and fund managers coming from North Asia,’ Perez de Albeniz said.
Last October, Singapore’s DBS Bank signed an agreement with Allfunds to utilise the firm’s fund distribution capabilities.