Allfunds falls, trader points to Credit Suisse exposure

Allfunds

20/03/2023 10:16

** Shares of Allfunds Group  ALLFG.AS  fall 5.8%, with a
trader pointing to the potential impact of Credit Suisse's
 CSGN.S  takeover by UBS  UBSG.S  on the fund distribution firm 
    ** "Allfunds currently administers a large book of assets
for Credit Suisse, maybe €100bn," trader says, citing BofA
Global Research note
    ** Adds ALLFG's contract with CS potentially runs until 2029
    ** "This is unhelpful for Allfunds," BofA says in note, but
keeps "buy" rating on stock
    ** Spain-based Allfunds was not available for comment on
Monday, a bank holiday in Spain

    



    

 (Reporting by Olivier Sorgho)
 ((Olivier.Sorgho@thomsonreuters.com))