BlackRock, Jupiter Asset Management, Lazard Asset Management and Janus Henderson have formed the cornerstone investors of Allfunds Group by committing to €850m worth of investments as the Spanish group made its stock market debut.
The Spanish group, which started life as a wealth-tech platform, has undergone a rapid expansion in recent years, which has seen it acquire companies and talent, as well as accelerating its subadvisory capabilities under the guidance of industry stalwart Stéphane Corsaletti.
The company listed on the Euronext Amsterdam with an offer price of €11.50, which means the company has an implied market capitalisation of €7.24bn and values the firm at €1.88bn. Allfunds said the offering was many times oversubscribed at the offer price, with particular demand drawn from institutional investors.
Of the asset managers buying into the IPO, BlackRock purchased €250m worth of shares, Jupiter took €200m worth of the listing, Mawer Investment Management acquired €160m, while Lazard Asset Management and Janus Henderson Investors both held €120m, respectively.
Talk of Allfunds making an initial public offering had first surfaced last month, with the company planning to list as part of its global expansion strategy. This was to be achieved through a private placement of existing shares held by the likes of LHC3 Plc, BNP Paribas Securities Services and Credit Suisse.
The company had expected to offer shares equivalent to around 25% of its total issued and outstanding share capital. However, an official statement from Allfunds places that figure closer to 26%.
Juan Alcaraz (pictured), founder and CEO of Allfunds, said: ‘Throughout the process, we have seen an enthusiastic reception from some of the world’s leading institutional investors, and with their support, along with the continued dedication of our employees, we can deliver on our goal of building a leading global wealth-tech platform.
‘We will expand our international footprint, deepen relationships across our client base and further scale our Connect platform through continuous innovation and technology investment, delivering digital transformation for the entire wealth and fund management ecosystem as we move into the next stage of our journey.’