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 third-quarter period ended 30 September 2024.
Key highlights of the quarter
• New record milestone of €1.5Tr of AuA. Allfunds' total assets under administration ('AuA') increased by 10% since December to €1,522 billion, representing a 15% increase year-on-year.
• Strong momentum for the platform business:
- Platform service AuA(1) increased by 19% to €1,102 billion year-on-year;
- Strong net flows in the quarter (€23 billion of inflows in 3Q) continuing the positive evolution since Q1:
- Existing clients(2) have invested around €10 billion in mutual funds in Q3 and over €18 bilion year-to-date; which demonstrates the positive trend in flows that we have experienced over the past 10 months and consolidates the shift in trend that we predicted at the beginning of the year;
- In the quarter, flows from new clients have added around €18 billion and €30 billion year-to-date. Expectations for new client migrations on track to deliver guidance for 2024.
• Robust net revenues in the quarter. Total net revenues of €154 million, representing a 16% increase year-on-year underpinned by significant growth in both net platform and subscription revenues.
Juan Alcaraz, Chief Executive Officer and Founder, said:
"Allfunds delivered another quarter of robust, diversified growth. We are proud to announce a new record milestone of €1.5 trillion in assets under administration, driving a 16% increase in revenues year-on-year. Our core platform business continues geared to an improving macro cycle. Our dedicated commitment to innovation and technology allows us to deliver a unique one-stop shop proposition, following the launch of our top-leading Alternatives solutions platform and expanding into our recently announced ETP platform. Our ongoing digital transformation efforts are central to this success, enhancing our platform's capabilities and client experience, thereby establishing us as the premier Wealthtech partner for our clients. In this quarter, we are also pleased to announce the completion of our share buyback programme, further demonstrating our commitment to delivering value to our shareholders."
Press release:
https://allfunds.com/en/investors/financial/financial-reports/
• New record milestone of €1.5Tr of AuA. Allfunds' total assets under administration ('AuA') increased by 10% since December to €1,522 billion, representing a 15% increase year-on-year.
• Strong momentum for the platform business:
- Platform service AuA(1) increased by 19% to €1,102 billion year-on-year;
- Strong net flows in the quarter (€23 billion of inflows in 3Q) continuing the positive evolution since Q1:
- Existing clients(2) have invested around €10 billion in mutual funds in Q3 and over €18 bilion year-to-date; which demonstrates the positive trend in flows that we have experienced over the past 10 months and consolidates the shift in trend that we predicted at the beginning of the year;
- In the quarter, flows from new clients have added around €18 billion and €30 billion year-to-date. Expectations for new client migrations on track to deliver guidance for 2024.
• Robust net revenues in the quarter. Total net revenues of €154 million, representing a 16% increase year-on-year underpinned by significant growth in both net platform and subscription revenues.
Juan Alcaraz, Chief Executive Officer and Founder, said:
"Allfunds delivered another quarter of robust, diversified growth. We are proud to announce a new record milestone of €1.5 trillion in assets under administration, driving a 16% increase in revenues year-on-year. Our core platform business continues geared to an improving macro cycle. Our dedicated commitment to innovation and technology allows us to deliver a unique one-stop shop proposition, following the launch of our top-leading Alternatives solutions platform and expanding into our recently announced ETP platform. Our ongoing digital transformation efforts are central to this success, enhancing our platform's capabilities and client experience, thereby establishing us as the premier Wealthtech partner for our clients. In this quarter, we are also pleased to announce the completion of our share buyback programme, further demonstrating our commitment to delivering value to our shareholders."
Press release:
https://allfunds.com/en/investors/financial/financial-reports/
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