Fund distributor Allfunds outflows grow in volatile market (updated)

Allfunds

20/10/2023 07:50

(Adds CEO quote and details on results from paragraph 3)
       Oct 19 (Reuters) - Fund distribution firm Allfunds
 ALLFG.AS  on Friday reported bigger third quarter outflows,
saying global market volatility affected activities of some
existing clients.
    The Dutch-listed group posted net outflows of 5.9 billion
euros ($6.24 billion) on its platform from existing and new
clients, compared to 4.3 billion in the same period last year. 
    "Allfunds has delivered good performance over the period,
despite challenging market conditions that have placed downward
pressure on firms across the industry," CEO Juan Alcazar said in
a statement.
    The fund supermarket, whose platform links fund houses and
distributors, makes money by charging fund houses a percentage
of assets under its administration, whilst operating a "buy-free
model" for the distributors.
    Assets under administration, the total assets for which the
company provides administrative services, rose to 1.32 trillion
euros in the quarter, up 2.5% from 1.29 trillion a year earlier.
    Allfunds said it remained strong on client volumes, adding
10 new distributors and eight fund houses over the quarter, and
was on track to meet its 2023 target for new client migration.
    ($1 = 0.9455 euros)

 (Reporting by Nathan Vifflin and Lina Golovnya in Gdansk;
editing by Milla Nissi)
 ((lina.golovnya@thomsonreuters.com ;
nathan.vifflin@thomsonreuters.com))