Allfunds Bank Expands in the Middle EastPress Release27 Sep 2011 02:27 pm
Allfunds Bank, the market-leading European B2B platform for the distribution of third-party investment funds, has established an office in the Dubai International Financial Centre.
Allfunds Bank has chosen the Dubai International Financial Centre (DIFC) for the establishment of its first Representative Office in the Middle East, as a part of its long-term plans for expansion in the region.
Juan Alcaraz, Allfunds Bank’s CEO, said: “Being close to our clients is part of our DNA, and our commitment to this region is now clear and strong thanks to the opening of our first Representative Office."
He added: “After completing the first milestone with the endorsement of a Fatwa, which made Allfunds Bank the first Sharia-compliant platform, we are now ready to cater to the fast-growing distribution business in the Middle East and to serve our current clients without time-zone restrictions, which is necessary in order to continue being successful."
Kevin Birkett, Head of Financial Services at the DIFC Authority, welcomed the opening of Allfunds Bank’s Dubai Representative Office. He said: “The close business ties between the UAE and Spain continue with the opening of Allfunds Bank’s Dubai office. The DIFC has once again proved itself to be the home of choice for companies seeking to expand their footprint in the Middle East and meet the needs of regional and international clients.”
Allfunds Bank has established relationships with customers in the Middle East for the past couple of years. With US$85 billion under management worldwide and over 22,000 funds from more than 400 leading fund houses, physical representation in Dubai will enable the company to meet the region's growing needs for access to its global financial services and products.
Gianluca Renzini, Deputy GM of Allfunds Bank, said: “Our long-term plan is to make this first office grow into an operational hub, just as we have done in the U.K., Italy and Luxemburg, following the steps of our Head Office in Spain. This is imperative in order to achieve our plans of expanding further east and tapping into Asian markets."
David Perez de Albeniz has been appointed as the Head of the Representative Office in Dubai and will be responsible for clients in the Middle East as well as overseeing and developing the group's wider strategy within the region.