Allfunds Bank is aiming on Singapore as it starts to construct its mutual fund platform business in Asia.
The bank s existing Middle East and Africa regional manager, David PÉrez de Albeniz, is to resituated to Asia as segment of the drive, at the same time Allfunds, which is located in Spain, has elected Yunus Selant, previously of Skandia International, to take over him.
Selant served as head of Middle East and Africa, at Skandia International.
Gianluca Renzini, Allfunds Bank deputy general manager, commented 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.
According to Allfunds Bank, in the Middle East, it is a leading institutional fund platform with 33 consumers accounting for over $2 billion in assets under intermediation. It has aims to access markets such as Saudi Arabia. In addition it is bolstering opportunities in Africa.
In 2000, Spanish bank Santander and Italy s Intesa Sanpaolo established Allfunds. Now it has over $170 billion in assets under administration and propose close to 32,000 funds from 450 fund managers.