Allfunds Bank, a Spanish open architecture and mutual fund platform, has expanded its presence in Latin America by opening a new representative office in Bogota, Colombia.

The company has named Carlos Felipe Stozitzky as director for the new office.

In his new role, Stozitzky will be responsible for expanding the commercial activity of Allfunds in the North of Latin America.

The bank opened its first office in Latin America in Santiago, Chile, in 2008, where it has been providing services to regulated financial organisations for over eight years.

The move follows growing local interest in international products among pension funds, insurance companies and asset managers.

Luis Ussia, regional manager for Western Europe and Latin America at Allfunds Bank, said: "Providing local servicing is key to be successful across the region. It is a significant investment but it really pays off as clients value nearness and local support. We like to be closer to clients and we try to differentiate ourselves from the rest in that perspective."

Founded in 2000, Allfunds Bank Group has over $220bn in assets under administration and offers close to 40,000 funds from 450 fund managers.