UK – Allfunds, an investment fund distributor co-owned by Spain’s Grupo Santander and Italy’s Sanpaolo-IMI, has opened an office in London under former Abbey executive Holly Mackay.

Mackay will be UK director at the group, which has around €20bn under administration in total.

Allfunds said the move “signals its clear intent to expand in the UK market and become a leading local player in fund distribution”.

Mackay was previously at Santander subsidiary Abbey where she was responsible for wraps.

She said: “Allfunds provide access to over 7,000 funds from many of Europe’s leading managers. Their size and capabilities make them a powerful partner for all UK distributors seeking to deliver third party investments.

“Additionally, their European strength provides an entry point into these markets for UK asset managers seeking to expand their distribution channels.”

Allfunds said it would build a “close working relationship” with Abbey – which the Spanish bank bought in November 2004.

Paul Bradshaw, chief executive of insurance and asset management at Abbey, said: “Holly has done a superb job to get us to the execution stage with Abbey Wrap.

“I know she relishes the exciting opportunities within the wider group and I look forward to working with her in this broader context.”