The blue-blooded UK bank has appointed Allfunds as platform provider for its mutual funds range.

C Hoare & Co, the venerable UK private bank, has appointed Allfunds as platform provider for its mutual funds. 

The bank chose the Allfunds platform because of its expertise in areas such as multi-currency transactions and its international reach, it said yesterday. 

Allfunds Bank Group was set up in 2000 and is owned in equal parts by the Santander and Intesa Sanpaolo groups. Allfunds has more than €225 billion of assets under administration and offers almost 47,000 funds from over 500 fund managers. It has more than 500 institutional clients, including commercial banks, private banks, insurance companies, fund managers, financial supermarkets, international brokers and specialist firms from 38 countries.

Such moves are part of a broader trend of specialist, boutique wealth managers and private banks doing deals to outsource some functions at a time when the costs of doing such work in-house are seen as prohibitive. Recently, for example, UK-listed WH Ireland, the brokerage and wealth management house, outsourced its back-office functions to SEI, the US-headquartered group.