European funds platform Allfunds Bank is looking to strengthen its ties to local markets and increase its international footprint.

Allfunds Bank International has moved to a new office in Luxembourg with the aim of enhancing its presence in the Benelux region and France.

The new office, at 30 Boulevard Royal in Luxembourg’s financial district, is three times larger than the previous premises.

“The opening of our new office is part of our strategy to increase our capacity to serve the group’s international expansion and to improve local service delivery. We have had a strong growth of assets and new client and this is strengthening the role of Allfunds International as the leading international hub for the whole group and as a reference player in Benelux,” said Ugo Sansone, general manager of Allfunds Bank International.

“Our commitment with Luxembourg is very strong and we want to keep on contributing to the evolution of this industry, facilitating the access to funds to our clients, while promoting and exporting the Luxembourgish fund industry cross-border.”

Allfunds is owned in equal parts by Spanish banking group Santander and Italy’s Intesa Sanpaolo. It has more than €230 billion ($244 billion) in assets under administration and offers around 50,000 funds from over 500 fund managers. The firm has a presence in Spain, Italy, UK, Chile, United Arab Emirates, Switzerland, Colombia, Singapore and Luxembourg, with over 500 institutional clients including private banks, commercial banks, fund managers and brokers.

Santander recently confirmed it will work towards disposing of its holdings in Allfunds through a trade sale or initial public offering.