The company said the Nordics hub will be unveiled during the first half of 2018 and act as a base for Allfunds to pursue growth opportunities across the region.
The decision to expand was in response to “strong interest from financial distributors”, Allfunds said.
“The strategic aim for the region is to become the preferred investment infrastructure and technology provider across the wealth management industry, supporting the activity of their core segments (banks, insurance companies, wealth managers, and pension funds) with a fully integrated fund platform solution.
“This includes, amongst others, an automated and cost-efficient access to, and custody of, more than 53,000 third party investment funds from over 569 fund management companies through a single distribution agreement with Allfunds.”
Location, location, location
The firm has not yet confirmed where the new office will be located.
When contacted by International Adviser, a spokesperson for the company said: “Allfunds is talking to local regulators and so the decision has not yet been taken. They have been actively looking and have firm ideas on where they wish to go.
“However, they are hoping to make firm decisions by the beginning of 2018.”
The new office will be the tenth for Allfunds, which already has offices in Luxembourg, Zurich, London, Madrid, Milan, Dubai, Singapore, Santiago de Chile, and Bogota.
Agreements galore
The announcement follows several agreements with regional domestic players.
They include DNB and Sparebank 1 Alliance in Norway; OP Financial Group and Ålandsbanken in Finland; LHV in Estonia; Saxo Bank in Denmark; and Íslandsbanki, Icelandic Securities, pension funds Festa lífeyrissjóður and Stapi lífeyrissjóður in Iceland.
Founded in 2000, Allfunds Bank has more than €320bn (£291bn, $378bn) in assets under administration and offers more than 53,000 funds from over 569 fund managers.
