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Deals

Allfunds targets post-Easter launch of Amsterdam IPO, sources says

FRANKFURT (Reuters) - Madrid-based fund-distribution firm Allfunds plans to list on Euronext Amsterdam in April, in what could be Europe’s largest initial public offering of a financial services group in 2021, people close to the matter said.

The wealthtech company, jointly owned by private equity fund Hellman & Friedman, Singapore’s sovereign fund GIC and lenders BNP Paribas and Credit Suisse, is planning to announce its intention to float after Easter, the two sources said on condition of anonymity, as they were not authorised to speak publicly about the matter.

Trading could start later in April or early May, they said, adding that Allfunds could be valued at 7-8 billion euros ($8.2-9.4 billion) on the stock market.

Allfunds and its owners declined to comment or were not immediately available for comment.

The firm, which provides supporting services to mutual funds around the world, is targeting earnings before interest, tax, depreciation and amortization of 250-280 million euros this year, the sources said.

Spanish and Italian banks Santander and Intesa Sanpaolo, which used to control Allfunds sold their respective stakes in 2017. Since then, Allfunds has acquired fintech company Finametrix and Credit Suisse InvestLab. It also formed a strategic partnership with BNP Paribas. The moves brought Credit Suisse and BNP in as minority shareholders.

Allfunds, established in 2000, says it offers the largest fund distribution network globally and access to the world’s largest universe of mutual fund and ETFs. It supplies dealing services and digital tools for data and analytics, portfolio and reporting, research, and regulatory services.

The company boasts 1.3 trillion euros in assets under distribution, giving clients access to more than 2,000 fund houses and 100,000 funds.

Credit Suisse, BNP, Citi and Morgan Stanley are organising the IPO with the help of Bank of America, Barclays, CaixaBank, HSBC, Intesa Sanpaolo and Santander.

($1 = 0.8494 euros)

Reporting by Arno Schuetze; Editing by Paul Simao

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