Fund distribution platform Allfunds has been contracted by China Merchants Bank (CMB) as part of the bank’s international expansion plans in private wealth.
Allfunds will provide access to third-party funds for all of CMB’s private wealth management and private banking centres, the majority of which is in Hong Kong and Singapore.
In addition to Allfunds’ distribution capability, CMB will also employ Allfunds’ automatic dealing, data, analytics and regulatory services, among other activities.
As well as looking to expand its private banking business globally, CMB is also planning to be more involved with sustainable development and investment.
The deal means Allfunds gets to bolster its presence in the Asian market. “We are excited about the huge opportunities ahead in the Asian and Chinese wealth management markets, which is an important part of our growth strategy as we continue to expand the global fund distribution network,” said Juan Alcaraz, Allfunds founder and CEO.
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