C. Hoare & Co, the oldest private bank in Britain, has selected Allfunds as platform provider for its mutual funds.
Allfunds’ choice as the fund platform was driven by its expertise in areas including multi-currency transactions and for its international reach, C. Hoare & Co said.
Selection of Allfunds Bank will help the bank’s clients gain access to a full open architecture strategy, the bank added.
C. Hoare & Co COO Stuart Bates said: “The Allfunds Bank platform has international standing as a market leader as it offers a comprehensive dedicated funds service for private banks such as ours.
“The ability to provide segregated accounts and offer support within the funds processing lifecycle is extremely helpful in ensuring we can go that one step further, meeting the high levels of service our customers demand.”
Allfunds Bank Group, owned equally by the Santander and Intesa Sanpaolo groups, currently has over €225bn in assets under administration and provides about 47,000 funds from over 500 fund managers.
The company has operations in Spain, Italy, UK, Chile, UAE, Switzerland, Colombia and Luxembourg and over 500 institutional clients.
Allfunds Bank head of UK and Ireland Simon Shapland said: “We want to offer the best tools, such as the single legal agreement, to enable firms to undertake business simply, with confidence, through safe and secure processes.
“We have seen a growing demand for multi-currency global funds offerings, which allow businesses to scale up their operations while maintaining efficiency in a single process.”