Mutual funds platform operator Allfunds has expanded its global operation by setting up its Asian operational hub in Singapore.

The new hub will service local business as well as businesses in Hong Kong and Taiwan. The company’s Singapore branch is expected to commence its operations early next year.

The hub will also pursue other opportunities across Asia, the company said.

Allfunds CEO Juan Alcaraz said that the firm’s open architecture model would be ideal for majority of the Asian markets.

 “Asia will massively contribute to the future definition of the global asset management industry due to its economic and demographic significance, and its accelerated digitalisation pace. China is, and definitely will be in the coming future, a significant contributor to these trends due to its relevance and magnitude in the global economy. We want to become global and entering Asian markets is a natural and resolute step for us,” Alcaraz said.

In 2014, Allfunds had appointed David Perez de Albeniz to investigate markets in Asia.

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 “Asian distributors have become increasingly interested in Allfunds for three reasons – because of the expertise gained from being at the heart of the mutual funds industry with a genuinely non-conflicted, open architecture model; because Allfunds’ holistic proposition comprises the widest range of fund processing, information provision and fund research activities currently available; and all can be offered through a single high quality provider at an outstanding competitive price,” de Albeniz stated.