Fund distribution platform Allfunds Bank is to facilitate omnibus trading between Spanish fund houses and distributors to help support cross-domestic investments.
The move will enable the distribution of onshore mutual funds operating under an omnibus structure.
Omnibus transactions are carried out in the name of the broker, protecting the identities of people invested in the omnibus account. The broker has the ability to execute trades on behalf of investors with funds inside the omnibus account.
“Industry stakeholders [will be able to] benefit from this infrastructure that boosts access to Spanish Fund houses,” the group said in a statement.
Allfunds Bank CEO Juan Alcaraz said: “We expect this initiative to create momentum in the market, encouraging further consolidation of open architecture, and also using Spanish funds as a key product across the value chain.”
Allfunds Bank Group offers integrated fund solutions. The group has more than €370bn assets under administration and offers about 64,500 funds from 1,200 fund managers.
