Credit Suisse InvestLab has been combined with Allfunds to create a global wealth platform with more than €500bn in AuA with operations across 45 countries
Credit Suisse announces combination of Credit Suisse InvestLab with Allfunds. (Credit: Roland zh/Wikipedia.org)
Credit Suisse has finalised the previously announced combination of Credit Suisse InvestLab, its open architecture B2B investment fund platform, with wealtech company Allfunds.
The deal, which was announced in June 2019, has been undertaken to create a global wealth platform with more than €500bn in assets under administration (AuA) with operations across 45 countries.
Credit Suisse InvestLab is said to provide distributors access to more than 46,000 investment products from more than 170 providers across the world. The open architecture B2B investment fund platform had AuA of more than CHF140bn (€131.83bn) at the time of signing the deal.
Credit Suisse had completed the first step of the investment fund platform with Allfunds Group in September 2019 and has now wrapped up the transfer of related distribution agreements to the wealthtech company.
Following the completion of the second and final step, Credit Suisse now holds a stake of 18% in the combined business.
The combination of Credit Suisse InvestLab and Allfunds to distribute more than 78,000 funds and ETFs
According to Allfunds, the combined business will distribute more than 78,000 funds and exchange-traded funds (ETFs) to over 700 distributors across 45 countries.
The wealthtech company expects the addition of Credit Suisse InvestLab to enable it to speed up and expand its investment into the development of new services and solutions to benefit the funds eco-system, made up of asset managers, fund distributors and other intermediaries.
Allfunds will continue its operations independently, with its majority ownership held by US private equity firm Hellman & Friedman and Singaporean sovereign wealth fund GIC. Founded in 2000, the wealthtech company offers big data and analytics, portfolio and reporting tools, research, and regulatory services.
In 2017, the financial technology business was acquired by Hellman & Friedman and GIC from Intesa Sanpaolo Group, Santander Group, Warburg Pincus, and General Atlantic for €1.8bn.