Allfunds Group plc, the fund distribution platform, had record net revenues and an increase in funds under administration during the first half of the year.
The company produced €266 million in revenues during the first six months, which were described as a record half-year figure representing a 13% increase from the previous six months and a 3% increase from the same period last year.
Assets under administration (AUA) were up 3.7% year-on-year, from €1,301 billion to €1,350 billion. There was a “continued trend of strong client migrations” of €20 billion.
AUA was by 4.1% on the full-year 2022 number, “despite organic outflows concentrated in a very limited and identified number of retail banks in Switzerland, Italy and Spain”.
Allfunds said it expected flows from new customers to accelerate in the second half.
During the first half, 44 new fund houses and 31 new distributors onboarded to Allfunds.
Allfunds also announced the launch of a €100 million share buy-back programme to repurchase its ordinary shares on Euronext Amsterdam, and said it has reached an exclusivity agreement to acquire the local paying agent business of Iccrea Banca in Italy.
Juan Alcaraz, chief executive officer and founder, said performance had been strong.
“We are investing organically for growth, while also remaining vigilant on emerging growth opportunities through bolt-on acquisitions. We enter the second half of 2023 with good momentum, unchanged targets and in a strong position to continue delivering against our overarching strategy.”
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