The firm said that its pact with Google Cloud will boost its solutions for distributors and fund houses.

The partnership focuses on two main areas: driving data and AI innovation, and developing a secure, scalable, sustainable technological architecture to aid Allfunds' operational growth and migration to cloud services.

"With the integration of AI becoming an increasingly important part of the investment process for the financial industry, our partnership with Google Cloud demonstrates the continued investment by Allfunds in best-in-class initiatives and services,” Juan Alcaraz, CEO and founder of Allfunds, said.

Tara Brady, president, Google Cloud for Europe, Middle East and Africa, added: “There is a significant opportunity to transform the financial services industry with cloud and AI technologies.”