Allfunds Bank is planning to open an office in Brazil in the next few weeks as it continues its aggressive global growth plans.
The European fund platform said it would continue its global expansion into Latin America, Asia and the Nordics and that it will open its tenth international office in São Paulo, Brazil in late December or early January.
The group is already present in Chile and Colombia.
In a press release, it also announced that it had surpassed €350 billion ($415 billion) assets under management (AUM) globally, taking in over €100 billion ($118 billion) in assets in the past 12 months.
The increase in flows were due to its efforts to innovate its platform and offer new client services, it added, such as a new tool that is helping over 585 financial institutions develop mobile applications.
‘Allfunds is now growing across multiple fronts both geographically as well as structurally. Our efforts in Asia and Latin America have paid off and I’m sure the same will be the case in the Nordics,' said the firm’s chief executive Juan Alcaraz.
‘Our efforts to further develop our digital services along with our regulatory tools are also providing the foundation for good future growth.’
Earlier this month, the firm appointed Laura Gonzalez, who was head of Allfunds’ Brazil operations, as the new chief of Latin America and Iberia.
Allfunds initially told Citywire Americas in June 2016 it was targeting Latin American growth with a focus on Brazil. Since then firm has said it’s also looking to expand its Miami business to target banks and other local investors buying European funds.