Allfunds Bank, a Spain-based mutual fund platform, has acquired actuary and consultancy administration firm, BWCI, to offer its platform to wealth managers.
Through this acquisition, Allfunds Bank will increase assets under its platform to 121bn mark and will expand its UK business.
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Allfunds Bank has £100 billion in assets under administration in June 2013 while it has more than £11 billion assets under administration across 20 clients in UK.
The European platform provider Allfunds Bank, headed up by ex-Cofunds managing director of operational services Stephen Mohan, has added BWCI that has over 400 wealth management partners globally, as its newest client.
Mohan said: "BWCI is one of a growing number of high quality firms who are interested in our ability to reduce their operating costs and risks in fund selection and administration."
