Allfunds Sharply Boosts Asia Presence with Key Hires

European mutual fund platform provider Allfunds has increased its presence in Asia with three new hires and a new office in Singapore, to cater to growing demand from Asian wealth management distributors seeking to streamline operational efficiency.

The company has appointed Oliver Stewart-Malir as chief operating officer for Asia, Vinita Badlani as head of funds groups for Asia, and Edwin Tan as head of client services for Asia.  

Alexis Fosler, regional manager for Asia at Allfunds says this demand is driven by increasing complexity within the institutional investment industry in Asia. She believes Asia will “massively” contribute to the future definition of the global asset management industry due to its economic and demographic significance. 

“Financial institutions in Asia are taking a very hard look at their bottom lines and how effectively they run their businesses,” she adds, noting that those firms realize they are able to offload their mutual fund distribution to Allfunds, which has an institutional focus. 

Allfunds has more than €370 billion ($424 billion) in assets under administration and offers more than 64,400 funds from over 1,200 fund managers. Its open-architecture model allows it to service any new client in the Asian market, as it is designed to accommodate multiple jurisdictions, constant regulatory changes, market variations and straight through processing. 

Stewart-Malir and Tan will report directly to Fosler, while Badlani will report to Borja Largo, global head of funds groups at Allfunds. The company has also moved to new premises in Singapore to accommodate the team’s expansion.  

“The significant growth in our Singapore team is a reflection of a substantial increase in business, as well as a strategic step to adequately cater to the needs of our expanding Asian client base,” says Fosler.

Stewart-Malir formerly worked with Goldman Sachs in Singapore, Tokyo, New York, and London and has more than 14 years of experience in operations management with financial services companies. 

Before joining Allfunds, Badlani held a leadership role at Navigator, an integrated investment platform by Aviva overseeing the due diligence process for funds and designing competitive funds offerings. 

Meanwhile, Tan joins Allfunds from Citco Fund Services. Prior to that he worked at State Street Bank and Trust and UBS AG. He has 16 years of financial services experience and as head of client services for Asia, he will work with the sales and marketing team to build and maintain relationships with Allfunds’ Asia-based clients.