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Allfunds, the new Wealthtech listing

An initial public offering to foster innovation in the distribution of financial products on a global scale, transparently and with economies of scale.
fruition time: 9 min

It’s an honour to have contributed to the success of the Allfunds IPO, world leader in WealthTech. This extraordinary result confirms Intesa Sanpaolo’s role as a major player on the EU capital market.

Marco Lattuada

Investment Banking & Structured Finance, IMI Corporate & Investment Banking Div.

Intesa Sanpaolo proved to be a valuable partner during Allfunds’ IPO. Their commitment, consistency and delivery were up to the challenge and their services exceeded our expectations for this key milestone in our history.

Silvia Rios

Global Head of Investor Relations, Allfunds



Founded in 2000, Allfunds has built an ecosystem that covers the entire value chain of the distribution of investment products. It is one of the leading B2B WealthTech platforms in the world, featuring an open architecture: it provides a marketplace and digital solutions thereby enabling the demand for asset management products by distributors (around 830 distributors in approx. 60 countries, from retail banks to various financial consultancy companies) to meet the supply of these products by asset management firms (with approximately 100,000 funds from 2,340 investment firms).

At the end of 2021, the Group had around EUR 1.5Trn of assets under management on its platform.

Allfunds has incorporated environmental, social and governance (ESG) issues into its decision-making process, furthermore it has strengthened its commitment towards Corporate Social Responsibility by joining the United Nations Global Compact, the largest corporate sustainability initiative in the world, and the Principles for Responsible Investment, a United Nations initiative to promote the development of a more sustainable global financial system.

IPO Market

2021 recorded the highest number of IPO transactions in Europe in its recent history, with around 422 listings for a corresponding value of around EUR 75Bn, compared to around 135 transactions for a corresponding value of EUR 20Bn recorded in 20201.

In the context of this favourable scenario for the financial markets, the Allfunds IPO comes into the equation with a market capitalisation of approximately EUR 7.2Bn calculated on the placement price and with a positive performance on the first day of listing equal to approximately 20%. 


Through its IPO transaction in April 2021, with which it was listed on Euronext Amsterdam, Allfunds gained global visibility and allowed its reference shareholders - Hellman & Friedman, GIC, BNP Paribas and Credit Suisse - to start cashing in on their investment.
Intesa Sanpaolo, IMI Corporae & Investment Banking Division, acted as Joint Bookrunner of the IPO.




The IPO confirmed Allfunds' role as a unique point of reference in the panorama of WealthTech companies worldwide, also in light of the market capitalisation achieved.
Institutional investors appreciated its clear strategy and unique value proposition, based on a record growth process and a profitable business model.
International Financing Review (IFR) recognised Allfunds IPO as the most successful transaction in 20212 in the EMEA area; this recognition is awarded on the basis of both the success of a listing and continued share growth and performance.


  • Solid and long-term relationships
    We build a relationship of trust with clients, based on close support and listening, to guide them along their growth paths with a tailor-made and high-value service: from 2004 to date we have been at Allfunds’ side as shareholders, clients, advisors and providers of financial services.
  • Vision
    We were among the first to believe in Allfunds' business model by acquiring 50% of the company in 2004, supporting its development until its sale to the private equity fund Hellman & Friedman and the sovereign fund GIC in 2017 and participating in the 2021 listing process.
  • Execution and flexibility
    The assessment model of the company and of the multiples proved to be in line with the market and with the company's expectations. The execution was swift and well-coordinated in the distribution effort.
    The IPO execution (roadshow, due diligence and alignment meeting), which took place in the middle of the Covid-19 pandemic, was carried out entirely remotely, as further evidence of our ability to adapt to the changing conditions of reference.

1 SOURCE: PWC IPO Watch Europe 2021.

2 IFR Awards 2021.

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