Spain-London $6.2 Billion B2B WealthTech Company Allfunds Founder & ex-CEO Juan Alcaraz Died at Age 56 (2026 April), Germany Stock Exchange Operator Deutsche Borse Group Acquired Allfunds for $6.2 Billion in 2026 January, Founded in 2000 by Juan Alcaraz & Hired HSBC Global Private Banking & Wealth CEO Annabel Spring as CEO in 2025 June to Succeed Founder & CEO Juan Alcaraz
5th May 2026 | Hong Kong
Spain-London $6.2 billion B2B WealthTech company Allfunds founder & ex-CEO Juan Alcaraz has died at age 56 (2026 April). In 2026 January, Germany stock exchange operator Deutsche Borse Group announced to buy Spain-London B2B WealthTech company Allfunds with $2 trillion AuA for $6.2 billion (€5.3 billion). Allfunds was founded in 2000 by Juan Alcaraz. In 2025 June, Allfunds hired HSBC Global Private Banking & Wealth CEO Annabel Spring as CEO succeeding Allfunds founder & CEO Juan Alcaraz. In 2025 November, Deutsche Boerse was in exclusive talks to buy Allfunds with $1.9 trillion AuA for $5.4 billion (€4.7 billion). Announcement (21/1/26): “Deutsche Börse Group and Allfunds have jointly entered into a binding agreement on the terms of a recommended acquisition by Deutsche Börse Group (the “Acquisition”) … … The consideration payable under the Acquisition values Allfunds at approximately €5.3 billion and represents a premium of 32.5 percent to the closing price of €6.64 per Allfunds share as at the close of business on 26 November 2025 and a premium of 40.3 percent to the volume-weighted average price for the three-month period ended 26 November 2025 of €6.27 per Allfunds share. The Acquisition is to be effected by means of a Court-sanctioned scheme of arrangement between Allfunds and Allfunds shareholders under Part 26 of the UK Companies Act 2006, requiring the approval by a majority in number representing not less than 75 percent in value of Allfunds’ Scheme Shareholders present and voting, either in person or by proxy, at the Court meeting … … Deutsche Börse Group has also received irrevocable undertakings to vote in favor of the Scheme at the Court Meeting and the resolutions to be proposed at the Allfunds general meeting from each of the Allfunds Directors, who hold 27,000 (or, on or prior to the Effective Date, will hold) Allfunds shares, in aggregate representing approximately 0.005 percent of the issued share capital (excluding treasury shares) of Allfunds as at 20 January 2026. The Acquisition represents a highly compelling opportunity to create a truly global world class player in fund services that will combine the companies’ complementary global footprints with the distribution strength of Allfunds and the custody and settlement capabilities of Deutsche Börse Group’s Clearstream Fund Services segment. Allfunds Group and Deutsche Börse Group bring excellent complementarity in their respective product suites, client bases, partners, and the key markets served by each of them and the combination is ideally placed to benefit from a number of robust secular growth trends and excel in an evolving industry. The combination and its strategic rationale also align with the interest of Europe and the Savings- and Investments Union (SIU). It strengthens the demand side of the capital markets by bringing end investors closer to investment fund products in an efficient and seamless way and allowing for wider choice of products. The Acquisition is expected to deliver substantial benefits for the European investment fund industry and establish a harmonized platform with global reach, better positioned to support the allocation of retail savings into productive capital solutions such as investment funds. Following the Acquisition, the combined group will benefit from a broader geographic footprint, enhanced reach and a complementary suite of products and expertise, strengthening its ability to serve clients across the fund value chain and supporting accelerated growth. The two businesses also exhibit significant synergy potential which is expected to be delivered across the fund value chain, including fund distribution, custody, settlement and other value-added services such as data and regulatory reporting, enabling provision of best-in-class services to their clients and further enhancing the capacity for innovation, particularly in the digitalization of the fund value chain. Driven by strong secular industry trends, Deutsche Börse Group sees double digit revenue growth potential for the combined business in the mid- to long-term. Having analyzed the potential benefits of the Acquisition based on its deep experience of operating in the funds market, Deutsche Börse Group believes that the combined group will be able to achieve annual run rate pre-tax cost synergies of approximately €60 million, representing approximately 15 percent of the combined cost base of Allfunds and Deutsche Börse Group’s Clearstream Fund Service segment. In addition, Deutsche Börse Group expects to realize annual run-rate cash savings on capital expenditure of approximately €30 million. These synergies will primarily be delivered through the implementation of the combined operating model across core services, a streamlined regulatory and IT set-up and simplifications of central functions. Deutsche Börse Group expects to deliver approximately 50 percent of the total annual-run-rate synergies, including both cost and capital expenditure savings, by year-end 2028. Reflecting the compelling financial rationale of the transaction, the Acquisition is anticipated to deliver on an annual run-rate basis high single-digit accretion to Deutsche Börse Group’s Cash EPS within the first full year following completion of the Acquisition, consistent with Deutsche Börse Group’s disciplined approach to capital deployment and its key financial criteria for value-accretive M&A. Following completion, Deutsche Börse Group expects to maintain its AA- long-term rating at the Group level. Deutsche Börse Group has fully committed funding in place to finance the cash portion of the consideration under the Acquisition. Deutsche Börse Group plans to start the share buy-back program announced on December 9, 2025 in February 2026 shortly after the publication of the Preliminary Results Q4 and FY 2025. In the period up to end of July 2026, shares of the company at a total cost of up to €500 million will be repurchased. Subject to the receipt of applicable regulatory approvals, the completion of the Acquisition is anticipated to occur in the first half of 2027.“
“ Spain-London $6.2 Billion B2B WealthTech Company Allfunds Founder & ex-CEO Juan Alcaraz Died at Age 56 (2026 April), Germany Stock Exchange Operator Deutsche Borse Group Acquired Allfunds for $6.2 Billion in 2026 January, Founded in 2000 by Juan Alcaraz & Hired HSBC Global Private Banking & Wealth CEO Annabel Spring as CEO in 2025 June to Succeed Founder & CEO Juan Alcaraz “
![](https://www.caproasia.com/wp-content/uploads/2025/08/Air-Charter-Service-728x90-1.png")
Germany Stock Exchange Operator Deutsche Borse Group Buys Spain-London B2B WealthTech Company Allfunds for $6.2 Billion (€5.3 Billion) Representing +32.5% Premium to Closing Price (26/11/25), Founded in 2000 by Juan Alcaraz & Hired HSBC Global Private Banking & Wealth CEO Annabel Spring as CEO in 2025 June Succeeding Founder & CEO Juan Alcaraz
23rd January – Germany stock exchange operator Deutsche Borse Group has announced to buy Spain-London B2B WealthTech company Allfunds with $2 trillion AuA for $6.2 billion (€5.3 billion). Allfunds was founded in 2000 by Juan Alcaraz. In 2025 June, Allfunds hired HSBC Global Private Banking & Wealth CEO Annabel Spring as CEO succeeding Allfunds founder & CEO Juan Alcaraz. In 2025 November, Deutsche Boerse was in exclusive talks to buy Allfunds with $1.9 trillion AuA for $5.4 billion (€4.7 billion). Announcement (21/1/26): “Deutsche Börse Group and Allfunds have jointly entered into a binding agreement on the terms of a recommended acquisition by Deutsche Börse Group (the “Acquisition”) … … The consideration payable under the Acquisition values Allfunds at approximately €5.3 billion and represents a premium of 32.5 percent to the closing price of €6.64 per Allfunds share as at the close of business on 26 November 2025 and a premium of 40.3 percent to the volume-weighted average price for the three-month period ended 26 November 2025 of €6.27 per Allfunds share. The Acquisition is to be effected by means of a Court-sanctioned scheme of arrangement between Allfunds and Allfunds shareholders under Part 26 of the UK Companies Act 2006, requiring the approval by a majority in number representing not less than 75 percent in value of Allfunds’ Scheme Shareholders present and voting, either in person or by proxy, at the Court meeting … … Deutsche Börse Group has also received irrevocable undertakings to vote in favor of the Scheme at the Court Meeting and the resolutions to be proposed at the Allfunds general meeting from each of the Allfunds Directors, who hold 27,000 (or, on or prior to the Effective Date, will hold) Allfunds shares, in aggregate representing approximately 0.005 percent of the issued share capital (excluding treasury shares) of Allfunds as at 20 January 2026. The Acquisition represents a highly compelling opportunity to create a truly global world class player in fund services that will combine the companies’ complementary global footprints with the distribution strength of Allfunds and the custody and settlement capabilities of Deutsche Börse Group’s Clearstream Fund Services segment. Allfunds Group and Deutsche Börse Group bring excellent complementarity in their respective product suites, client bases, partners, and the key markets served by each of them and the combination is ideally placed to benefit from a number of robust secular growth trends and excel in an evolving industry. The combination and its strategic rationale also align with the interest of Europe and the Savings- and Investments Union (SIU). It strengthens the demand side of the capital markets by bringing end investors closer to investment fund products in an efficient and seamless way and allowing for wider choice of products. The Acquisition is expected to deliver substantial benefits for the European investment fund industry and establish a harmonized platform with global reach, better positioned to support the allocation of retail savings into productive capital solutions such as investment funds. Following the Acquisition, the combined group will benefit from a broader geographic footprint, enhanced reach and a complementary suite of products and expertise, strengthening its ability to serve clients across the fund value chain and supporting accelerated growth. The two businesses also exhibit significant synergy potential which is expected to be delivered across the fund value chain, including fund distribution, custody, settlement and other value-added services such as data and regulatory reporting, enabling provision of best-in-class services to their clients and further enhancing the capacity for innovation, particularly in the digitalization of the fund value chain. Driven by strong secular industry trends, Deutsche Börse Group sees double digit revenue growth potential for the combined business in the mid- to long-term. Having analyzed the potential benefits of the Acquisition based on its deep experience of operating in the funds market, Deutsche Börse Group believes that the combined group will be able to achieve annual run rate pre-tax cost synergies of approximately €60 million, representing approximately 15 percent of the combined cost base of Allfunds and Deutsche Börse Group’s Clearstream Fund Service segment. In addition, Deutsche Börse Group expects to realize annual run-rate cash savings on capital expenditure of approximately €30 million. These synergies will primarily be delivered through the implementation of the combined operating model across core services, a streamlined regulatory and IT set-up and simplifications of central functions. Deutsche Börse Group expects to deliver approximately 50 percent of the total annual-run-rate synergies, including both cost and capital expenditure savings, by year-end 2028. Reflecting the compelling financial rationale of the transaction, the Acquisition is anticipated to deliver on an annual run-rate basis high single-digit accretion to Deutsche Börse Group’s Cash EPS within the first full year following completion of the Acquisition, consistent with Deutsche Börse Group’s disciplined approach to capital deployment and its key financial criteria for value-accretive M&A. Following completion, Deutsche Börse Group expects to maintain its AA- long-term rating at the Group level. Deutsche Börse Group has fully committed funding in place to finance the cash portion of the consideration under the Acquisition. Deutsche Börse Group plans to start the share buy-back program announced on December 9, 2025 in February 2026 shortly after the publication of the Preliminary Results Q4 and FY 2025. In the period up to end of July 2026, shares of the company at a total cost of up to €500 million will be repurchased. Subject to the receipt of applicable regulatory approvals, the completion of the Acquisition is anticipated to occur in the first half of 2027.“
Annabel Spring, CEO of Allfunds: “Over the past 25 years, Allfunds has democratised access to investment funds around the world and shaped the wealth management industry. We have grown to be a leading global distribution and dealing platform connecting distributors with fund partners across 66 countries. The combination of deep expertise and exceptional client service and innovation, from alternatives to blockchain, have made Allfunds what it is today. With Deutsche Börse Group, our complementary footprints and capabilities create a world-class player with global reach and local relationships, which will better support distributors and fund partners, and propel the wealth management industry forward. The board of Allfunds is confident that the offer represents a compelling opportunity for Allfunds shareholders to realise value, delivering an attractive premium, in cash and shares, allowing future participation in the benefits of the combination.”
Stephan Leithner, CEO of Deutsche Börse Group: “We are very pleased to announce the acquisition of Allfunds, which is to be unanimously recommended by its Directors and is supported by its two largest shareholders. We believe that the combination of Allfunds Group’s technical expertise and entrepreneurial drive with Deutsche Börse Group’s capabilities within Clearstream Fund Services will create a leading business in the sector, which better serves the needs of clients, supporting the continuing development of the funds sector in Europe and around the world. This acquisition represents the next step in the development of Deutsche Börse Group as a European champion in providing critical infrastructure to the financial markets. It is a testament to our strategy of ‘Leading the transformation’.”
Deutsche Börse Group – As an international exchange organization and innovative market infrastructure provider, Deutsche Börse Group ensures that capital markets are fair, transparent, reliable, and stable. With its wide range of products, services, and technologies, the Group organizes safe and efficient markets for sustainable economies. Its business areas cover the entire financial market process chain. This includes the provision of indices, data, software, SaaS, and analytical solutions, as well as admission, trading, and clearing. Additionally, it comprises services for funds, the settlement and custody of financial instruments, and the management of collateral and liquidity. As a technology company, the Group develops state-of-the-art IT solutions and offers IT systems worldwide. With more than 16,000 employees, the Group is headquartered in the financial center of Frankfurt/Rhine-Main and has a strong global presence in locations such as Luxembourg, Prague, Cork, London, Copenhagen, New York, Chicago, Hong Kong, Singapore, Beijing, Tokyo, and Sydney.
Allfunds Group – Allfunds is a leading global dealing and distribution platform in the wealth management industry. Distinguished by its buy-free model, the breadth of its distribution network, strong global and local execution capabilities and value-added services, Allfunds has a longstanding track record of delivering growth, with AuA at a historic high of €1.7 trillion (as of 30 September 2025). Allfunds seamlessly connects end-to-end over 1,400 fund partners and more than 900 distributors across 66 countries. Channelling savings into investments, Allfunds offers a comprehensive suite of products including mutual funds, ETFs and alternatives on a scalable technology platform. Allfunds has 17 offices in major financial hubs across four continents including Bogotá, Dubai, Hong Kong, London, Luxembourg, Madrid, Miami, Milan, Paris, Santiago, São Paulo, Shanghai, Singapore, Stockholm, Valencia, Warsaw and Zurich. Allfunds is a truly global business with more than 1,000 employees and a culture of innovation and entrepreneurship.
Germany Stock Exchange Deutsche Boerse in Exclusive Talks to Buy Spain-London B2B WealthTech Company Allfunds for $5.4 Billion (€4.7 Billion), Founded in 2000 by Juan Alcaraz & Hired HSBC Global Private Banking & Wealth CEO Annabel Spring as CEO in 2025 June Succeeding Founder & CEO Juan Alcaraz
29th November – Germany stock exchange Deutsche Boerse is in exclusive talks to buy Spain-London B2B WealthTech company Allfunds with $1.9 trillion AuA for $5.4 billion (€4.7 billion). Allfunds was founded in 2000 by Juan Alcaraz. In 2025 June, Allfunds hired HSBC Global Private Banking & Wealth CEO Annabel Spring as CEO succeeding Allfunds founder & CEO Juan Alcaraz. Announcement (27/11/25): “Deutsche Börse Group notes recent market speculation and confirms that it is in exclusive discussions with Allfunds Group PLC regarding a possible acquisition of the entire issued and to be issued share capital of Allfunds (the “Non-binding proposal”). The board of directors of Allfunds has unanimously agreed to Allfunds entering into exclusivity on the basis of the Non-binding proposal put forward by Deutsche Börse Group. The announcement of any binding offer relating to a possible acquisition is subject to the satisfaction or waiver of a number of customary pre-conditions, including, amongst other things, the satisfactory completion of customary due diligence in respect of Allfunds, the finalization of definitive transaction documentation and final approval of the Deutsche Börse and Allfunds Boards. Deutsche Börse Group believes in the strong strategic, commercial and financial rationale of combining Allfunds with Deutsche Börse Group’s fund services business segment. This potential business combination would represent a further successful consolidation, establishing a truly pan-European ecosystem. It would reduce fragmentation in the European investment fund industry and create a harmonized business with global reach, playing a key role in further facilitating the investment of retail savings into productive capital allocations such as investment funds. The combination is expected to deliver substantial operational efficiencies and cost synergies across platforms and services, enable the rationalization of investment capacity, and drive further innovation for clients with even faster time-to-market. Overall, it is expected that clients and the EU equity markets would significantly benefit from the strengthened set-up of such a combined platform. Deutsche Börse Group is a strong advocate of a prospering funds industry being essential to the EU’s status as a globally relevant financial center. The proposed transaction would be in line with Deutsche Börse’s strategy and further emphasizes its ongoing commitment and efforts to strengthen European capital markets and its global competitiveness as envisioned by the Savings and Investments Union (SIU). The Non-binding proposal currently under discussion implies a total consideration of €8.80 per Allfunds share, comprising €4.30 in cash and €4.30 in new Deutsche Börse Group shares based on Deutsche Börse Group’s undisturbed 10-day VWAP, plus a permitted dividend in respect of financial year 2025 of €0.20 per Allfunds share. In addition, under the terms of that Non-binding proposal, it is expected that Allfunds shareholders would also be entitled to receive cash dividends, pro-rated as at the date of Closing, of up to €0.20 per Allfunds share for the financial year 2026 and €0.10 per Allfunds share per quarter during the financial year 2027. It is expected that the combination of Deutsche Börse Group and Allfunds would be effected through a scheme of arrangement under Part 26 of the UK Companies Act 2006. There can be no certainty that any transaction will proceed, nor as to the terms or timing of any such transaction. Any transaction would be subject to regulatory approvals. A further announcement will be made as and when appropriate.”
Caproasia Users
- Manage $20 million to $30 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2026 Investment Day
- March - Hong Kong
- March - Singapore
- April - Hong Kong
- April - Singapore
- July - Hong Kong
- July - Singapore
- Sept- Hong Kong
- Sept - Singapore
- Oct- Hong Kong
- Nov - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
