Third-party fund distribution platform Allfunds Bank, part-owned by Abbey parent Santander, is launching in the UK. Allfunds, 50% owned by Grupo Santander and Italy's Sanpaolo-IMI, will have close working relations with Abbey, but products will need to meet the platform's criteria. Holly Mackay, director of Allfunds, said: "Abbey will be one of our biggest clients, but we will be independent." Formerly head of wraps at Abbey, Mackay will be based at the group's London office while she seeks headquarters. The platform connects fund distributors with international asset management hous...
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