European mutual fund platform Allfunds Bank is looking to expand its Miami business to target banks and other local investors buying European funds, Citywire Americas has learned.
The firm is currently in negotiations with local banks and broker dealers to offers its wide range of products to a growing number of Miami-based groups, said Allfunds' head of Latin American operations, Luis Ussia.
It does not have a representative office in Miami as of yet and the negotiations are being conducted by Laura Gonzalez, the group’s recently appointed head of Brazil.
Last June, Citywire reported that Allfunds was working to open an office in Brazil within the next year. As part of that expansion, Allfunds named Gonzalez, who had been developing the project from Chile, to lead operations in Brazil. She will relocate once the office opens by year end, Ussia said.
The group has nine clients in Brazil, with Santander Asset Management being its first, Ussia said. Last year it signed a deal with Bradesco, one of Brazil’s largest private banks, and it's working on an agreement with another bank that should be announced in the next couple weeks.
The group has also appointed a manager to service Mexico as it works to bolster its Latin American business.
Mariano Rabadán was named to the post a month ago and will cover Mexican clients from Allfunds' office in Bogotá, Colombia, said Ussia.
Rabadán currently works at Allfunds' office in Santiago, Chile.
'He's moving to Bogotá to be closer to Mexico and maybe in the future we will open representative office in [Mexico],' he said.
The firm's Mexican client roster includes firms such as Santander Asset Management. Allfunds expects to sign another client in the short term, though Ussia wouldn't specify a timeline.
At the moment it only partners with asset managers, not pension funds, as the Afores channel almost their entire international exposure through mandates.
Allfunds presence in the region includes Chile, Argentina and Uruguay, covered by Max Pinto; Colombia and Peru by Carlos Stoizitzky; Mexico by Rabadán, and Brazil by Gonzales. It has physical offices in Chile and Colombia.
Rabadán’s appointment and the new potential parternships come amid Allfunds' push to grow its Latin American assets by about $1 billion to $6 billion by the end of the year.
In Colombia, meanwhile, Allfunds strengthened its eight-year old relationship with AFP Proteccion when the pension fund migrated assets from BBH's platform to Allfunds'.
Ussia wouldn't disclose how much in assets Protección moved, but he noted that Allfunds Bank started the year with just over $4 billion in Latin American assets and it now has $5.2 billion due to Protección and other new clients.
He added that the firm is also interested in entering Argentina but has no set plans to open offices.
Allfunds targets institutional clients, private banks and broker dealers, that choose international funds or structure fund of fund products. It has over $280 billion under administration across 533 clients in 38 countries. The platform offers over 52,000 funds from 548 fund houses.