GIC, Hellman & Friedman to buy Allfunds Bank from European lenders

An employee is silhouetted against the logo for the Government of Singapore Investment Corp (GIC).
An employee is silhouetted against the logo for the Government of Singapore Investment Corp (GIC).PHOTO: BLOOMBERG

LONDON/MADRID - Sovereign wealth fund GIC has joined hands with private equity investor Hellman&Friedman to acquire global fintech business Allfunds Bank for at €1.8 billion (S$2.53 billion) from shareholders including Warburg Pincus and Santander Group.

The company is a business to business (B2B) platform providing third party investment products and a range of operational and information services to support mutual fund distribution activities of more than 500 clients in 38 countries.

Allfunds also has a global network of offices across Europe, Asia and Latin America and over €265 billion assets under administration globally covering 51,000 funds from 541 fund managers.

It's chief executive officer Mr Juan Alcaraz said Hellman&Friedman's track record and GIC's presence in Asia will make them perfect partners to Allfunds. Supported by its new shareholders, Allfunds will capitalise on the opportunity to continue expansion of its business across Europe, Asia and Latin America presence.

"Together with our new shareholders, we will invest in growing the business across the world, while continuing to support our clients in delivering the broadest available range of products to their customers," Mr Alcaraz said.

Barclays and Citibank acted as financial advisors to Hellman & Friedman and GIC on the transaction.