GIC, Hellman & Friedman to acquire Allfunds in S$2.7b deal

MADRID – Singapore’s sovereign wealth fund GIC and affiliates of US private equity firm Hellman & Friedman on Tuesday (March 7) said they have agreed to acquire Allfunds Bank in a deal that values the Spanish financial technology giant at 1.8 billion euros (S$2.7 billion).

They are buying Allfunds from Intesa Sanpaolo Group, Santander Group, General Atlantic and Warburg Pincus. GIC and Hellman & Friedman did not disclose their respective stakes.

Allfunds is the leading business-to-business platform providing a range of operational, analytic and information services supporting the mutual fund distribution activities of over 530 institutional clients, including commercial banks, private banks and insurance companies from 38 different countries. It also has a network of offices across Europe, Asia and Latin America and over 265 billion euros of assets under administration globally covering 51,000 funds from 541 fund managers.

Mr Henry Ormond, head of direct investments group for Europe at GIC Private Equity, said: “As a long-term value investor, GIC is confident in Allfunds’ scalable business model based on its leading European market platform, diversified customer base and long-term contracts. We believe the company, supported by our partnership with Hellman & Friedman, will grow to be the global market leader in the fund management industry.”