The platform has developed all the necessary technology to operate ETFs within the Spanish transfer system (Spanish “traspasos”)
This development together with the possibility to deal ETF fractions allows financial institutions to include ETFs in managed portfolios, discretionary portfolio management and investment services for individuals
The platform thus manages to provide the market with one of the greatest demands in the sector
Once again Allfunds, the leading platform in open architecture solutions*, innovates the fund industry through a unique solution in the market, an operative and technological solution that allows Spanish financial distributors to operate and transfer ETFs and mutual funds interchangeably. This is a competitive advantage that no other platform offers in Spain and allows any financial distributor attached to the platform to allow its investors to exchange investments within the transferable universe, without any fiscal impact for the final investor.
This is the first time that an integrated solution has been offered in the market combining investment funds and ETFs, thus adapting the needs of investors who increasingly demand more efficient and cost-competitive investment products.
Allfunds has integrated the possibility of transferring fund investments to ETFs, from ETFs to ETFs and from ETFs to funds, thus covering the different cases allowed today under the Spanish “traspaso” fiscal regime. Among the many challenges that Allfunds has overcome, it stands out the effective management of decimals in ETFs, the identification of the instruments in the different markets, the management of the fiscal items associated with the transfers, as well as the total operational consolidation of funds and ETFs through a single efficient cannel.
Allfunds will begin marketing under this Spanish transfers’ system, the ranges of the main ETFs managers in the European universe, with a broad coverage of the total market and making available to its network of distributors new investment instruments.
Laura González, Head of Iberia at Allfunds said, "Thanks to this technological development, our distributors will be able to implement and create new products for their clients, facilitating the investment in investment funds and ETFs to the retail investor. Any distributor that wishes can count on our platform to offer operational and fiscally efficient solutions.” The platform continues in this way betting on open architecture in the sector and putting the best instruments available in the market in the hands of its distributors.
*‘European Fund Distribution: Leading Platforms,’ Platforum, March 2017
Notes to Editors:
Why is Spanish “Traspasos” such an important issue for fund distribution in Spain?
Allowing and enabling the “traspaso” operation is a key feature in the Spanish fund market and it has being one of the key ingredients of the success of fund investing across retail investors and a major driver to promote open architecture across financial distributors. Thanks to this fiscal rule, fund investors can take advantage as they can switch between funds without incurring capital gains tax, as long as the fund (local and international) are registered and have the “traspasable” status. Investors can choose out a very broad universe of investment opportunities available under this fiscal regime. This rule has dynamized the fund distribution market in Spain in the last fifteen years and it is a major distribution channel for anyone considering to develop fund distribution business in Spain as optimizes fiscal goals.
According to Inverco (Spanish Asset Management Association) last year’s figures, under the traspaso’s regime, more than €70Bn were turned over and the underlying business represented 50% of total industry flows.
Allfunds Bank Group offers integrated fund solutions (operational, analysis and information). Created in 2000, today Allfunds Bank has more than €365 Billion assets under administration and offers 64,400 funds from over 1,200 fund managers. Allfunds Bank has a local presence in Spain, Italy, UK, Chile, UAE, Switzerland, Colombia, Luxembourg and Singapore and has more than 595 institutional clients, including major commercial banks, private banks, insurance companies, fund managers, financial supermarkets, international brokers, and specialist firms from 42 different countries.
 “Informe 2017 y perspectivas 2018” - (Inverco)
Katherine Sloan Jaime Pérez-Maura
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