Mohan will join Allfunds in October once Cofunds has found a suitable replacement.

He will report to Gianluca Renzini, Allfunds Bank’s chief commercial officer, and will lead the London office that administers GBP10 billion of assets across 20 UK clients.

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Allfunds currently has around GBP80 billion assets under administration on platforms across 26 European countries.

Allfunds Bank chief executive Juan Alcaraz said: "The recruitment of Stephen reflects our commitment to the UK market and the reinforcement of the platform with one of the most relevant managers in the UK platform space.

"His experience will boost our operations in the UK and will improve our service delivery as we move into our next phase of growth. We believe our UK&I business should be one of the main drivers of growth for Allfunds Bank going forward."

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