IPO 2021

Allfunds is one of the largest B2B WealthTech platforms, with over €1.2 trillion AuA. With presence in 4 continents, we have leading market share positions in Europe, the Middle East and Singapore [1] and have experienced strong AuA growth in recent years across all geographies.

The traditional wealth management landscape is characterised by a fragmented patchwork of providers and legacy systems, which Allfunds believes leads to sub-optimal outcomes for both Distributors and Fund Houses. As such, Allfunds has set out to fundamentally change the industry by building a single fully-integrated global platform, providing Fund Houses with a single point of access to the largest global distribution network.

We believe in the importance of being close to our clients to understand their needs. Thanks to our network of global services supported through 15 local offices, Allfunds has built long-lasting relationships with Distributors and Fund Houses. This has contributed to the Group’s success in capturing market share across the geographies in which it operates.

We have integrated large parts of the wealth management value chain into a simple and easy to use one-stop-shop platform across distribution, dealing, custody and administration services, and have expanded our offer into other value-add areas like data and analytics.

A key driver of Allfunds’ competitive differentiation and growth is the compelling value proposition it delivers to both sides of its marketplace business model.

Fund Houses and Distributors gain access to industry-leading functionality through Allfunds Connect, a subscription-based SaaS-enabled offering of data-centric services. Through different application programming interfaces, Allfunds Connect is able to develop bespoke solutions that are fully integrated into Fund Houses’ and Distributors’ IT systems, providing them with an end-to-end solution to suit their needs.

As a fully-invested, scalable platform, we onboard new clients at very low marginal costs and therefore at highly competitive rates.

Our proprietary technology is designed to guarantee seamless integration of solutions into the Allfunds platform to provide the best possible client experience and we will continue to leverage our technology and operations infrastructure as the business grows to drive cost optimisations.

We continue to invest in our platform to maintain operational efficiency and high quality service.

Allfunds believes that it has a simple and attractive business model, whereby Distributors benefit from a buy-free model in core services such as trading, dealing, settlement and administration while paying a subscription fee for value-added services. Our comprehensive suite of services attracts new distributors to join our platform, providing incremental flows to fund houses, thus incentivising more fund houses to join Allfunds to capture increased sales from a growing base of Distributors. We refer to this as the “flywheel” effect.

Futhermore, Allfunds believes that its innovative Allfunds Connect offering accelerates the flywheel effect by creating additional incentives for Distributors and Fund Houses to continue using and increasing their use of the Group’s services and solutions.

Our superior financial profile is the result of a compelling combination of strong top-line growth, profitability and high cash conversion at scale.

The Group has several compelling building blocks of growth, which have supported its track record of double-digit AuA growth, net revenue growth and Adjusted EBITDA growth.

Allfunds was able to translate this strong growth in AuA into high top-line growth, with net revenues growing at a CAGR of 24% from 2016 to 2020 (based on pro forma 2020 net revenue), of which c.12% was organic and the rest was due to M&A. Our business model has proven resilience to economic cycles and we continue to improve operating efficiencies, leveraging our technology and operations infrastructure as the business grows.

Allfunds has materially increased its scale, capabilities, and geographical footprint through a number of value-accretive acquisitions in recent years, pursuing a strategy focused on both opportunistic bolt-on acquisitions and transformative M&A.

We expect further consolidation in the wealth management market and continue to focus on selected value-accretive M&A opportunities.