Spanish wealth tech firm Allfunds Group has completed the purchase of Credit Suisse’s InvestLab business-to-business investment fund platform.
The companies first announced the deal in June this year to reap the benefits of scale.
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While announcing the agreement, Credit Suisse stated that the combination of InvestLab with Allfunds would lead to the creation of a global fund distribution platform with assets under administration of more than CHF570bn ($576.92bn).
The combination is expected to offer over 78,000 funds and ETFs to financial institutions across 45 countries, according to Allfunds.
The closing of the transfer of InvestLab also includes the transfer of the platform’s 24 employees and service agreements.
With the completion of what is the first step of the combination transaction, the companies will now focus on the completion of the transfer of the related distribution agreements by the first quarter of 2020.
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By GlobalDataCredit Suisse will have up to 18% stake in the combined business. The deal also gives the company right to nominate a member of its choice to the board of directors.
The Swiss bank will use the combined business to distribute mutual funds and ETFs.
For Allfunds, the transaction means an opportunity to accelerate its investment in the development of new services to cater to the needs of asset managers and fund distributors.
The combination is also part of the company’s strategy to pursue global expansion.
