Allfunds Bank, the firm backed by the Grupo Santander, the Spanish financial services firm and Italy’s Sao Paolo IMI, is opening an office i...

Allfunds Bank, the firm backed by the Grupo Santander, the Spanish financial services firm and Italy’s Sao Paolo IMI, is opening an office in London.

Allfunds Bank focuses on the investment fund industry, where it acts as a platform to match fund managers with fund distributors. Its clients include private banks and it is seeking to expand its wealth management business with the London office.

Allfunds’ new office will provide execution and administration, advisory and information through its open architecture platform to asset managers across Europe. It currently has €29 billion ($34 billion) in assets under administration.

The firm will provide data research, transaction and custodial services for funds of asset managers across Europe.

Allfunds said it aims to add the funds of 25 asset managers to its those of the 120 managers it already counts as clients in Continental Europe, representing a further €4 billion in assets to administer.