David Pérez de Albeniz, who has spent six years with Allfunds in the Middle East, will head a project to assess where in the region the European mutual funds platform should do business.
Gianluca Renzini, Allfunds Bank deputy general manager, said: “We are launching a project to establish Allfunds presence in Asia and believe David Pérez de Albeniz to be the right representative for Allfunds in the region. We have identified a number of markets but Singapore remains the foremost contender.”
The replacement for Pérez de Albeniz is Yunus Selant who is leaving Skandia International where he had been head of sales for the Middle East and Africa since October last year.
Still pending final regulatory approvals, Selant will take up his position as Allfunds regional manager MEA following a defined transition plan, involving a handover from Pérez de Albeniz, the exact date to be announced shortly.
Allfunds also said in a statement that its local strategy is focused on reinforcing existing relationships with top tier institutions and supporting clients with an on-the-ground presence, with plans to enter other markets such as Saudi Arabia and different parts of Africa.
Allfunds Bank has more than $170bn assets under administration and offers close to 32,000 funds from 450 fund managers.
It has a local presence in Spain, Italy, UK, Chile, UAE, Switzerland and Luxembourg and has more than 400 institutional clients.
