London/Madrid/Amsterdam - Allfunds Group plc ("Allfunds" or the "Company") (AMS: ALLFG) one of the world's leading B2B WealthTech platforms for the fund industry, offering fully integrated solutions for both fund houses and distributors, today releases a trading update for the first-quarter period ended 31 March 2024 and announces a partnership with Google to enhance its capabilities through cloud computing, advanced data and analytics and generative artificial intelligence.
Key highlights of the quarter
• Strong AuA growth. Allfunds' total assets under administration ('AuA') increased by 4% since December to €1,433 billion, representing a 7% increase year-on-year.
• Trends anticipate change of cycle for Allfunds. Platform business enters a normalisation phase:
- Key markets, such as Southern Europe, UK, Northern Europe, Middle East and Asia, have all experienced inflows in the quarter (€4.2 billion of inflows in these regions in 1Q);
- We continue to see positive month-on-month evolution in 1Q, which points to a change in the trend experienced in the last year;
- In this quarter, clients have invested again in mutual funds for the first time in 2 years;
- Largest inflows in 1Q occurred in the fixed income asset class (€6.2 billion) vs. money-market as seen throughout 2023, indicating trend towards higher value-added asset classes.
• Record net revenues in a quarter. Total net revenues of €153 million, representing a 18% increase year-on-year and 4% quarter-on-quarter.
• New partnership with Google Cloud, through which Allfunds will drive AI innovation and infrastructure optimization.
Juan Alcaraz, Chief Executive Officer and Founder, said:
"In 2024, Allfunds' outlook is positively charged. During the first quarter, we are reaching a turning point in flows from existing clients, which hints at an anticipated recovery. We are on the verge of having all of our engines contributing positively and thus, accelerating growth. Our commitment remains unwavering: we are dedicated to serving our clients effectively through our comprehensive and diversified platform, spanning services, geographies, and client types. Additionally, we continue growing our private markets capabilities for end-investors via Allfunds Alternative Solutions, which has increased at a faster pace than our total AuA. We also keep looking for attractive opportunities in the market to reach our mid-term goals. As we continue to drive growth, our focus remains on delivering an outstanding offering to our clients and further executing our strategy through the rest of the year."
Download press release:
https://allfunds.com/en/investors/
Key highlights of the quarter
• Strong AuA growth. Allfunds' total assets under administration ('AuA') increased by 4% since December to €1,433 billion, representing a 7% increase year-on-year.
• Trends anticipate change of cycle for Allfunds. Platform business enters a normalisation phase:
- Key markets, such as Southern Europe, UK, Northern Europe, Middle East and Asia, have all experienced inflows in the quarter (€4.2 billion of inflows in these regions in 1Q);
- We continue to see positive month-on-month evolution in 1Q, which points to a change in the trend experienced in the last year;
- In this quarter, clients have invested again in mutual funds for the first time in 2 years;
- Largest inflows in 1Q occurred in the fixed income asset class (€6.2 billion) vs. money-market as seen throughout 2023, indicating trend towards higher value-added asset classes.
• Record net revenues in a quarter. Total net revenues of €153 million, representing a 18% increase year-on-year and 4% quarter-on-quarter.
• New partnership with Google Cloud, through which Allfunds will drive AI innovation and infrastructure optimization.
Juan Alcaraz, Chief Executive Officer and Founder, said:
"In 2024, Allfunds' outlook is positively charged. During the first quarter, we are reaching a turning point in flows from existing clients, which hints at an anticipated recovery. We are on the verge of having all of our engines contributing positively and thus, accelerating growth. Our commitment remains unwavering: we are dedicated to serving our clients effectively through our comprehensive and diversified platform, spanning services, geographies, and client types. Additionally, we continue growing our private markets capabilities for end-investors via Allfunds Alternative Solutions, which has increased at a faster pace than our total AuA. We also keep looking for attractive opportunities in the market to reach our mid-term goals. As we continue to drive growth, our focus remains on delivering an outstanding offering to our clients and further executing our strategy through the rest of the year."
Download press release:
https://allfunds.com/en/investors/
