Freshfields Bruckhaus Deringer (‘Freshfields’) has advised Allfunds Group plc (‘Allfunds’) on its acquisition of the Italian paying agent business of Iccrea Banca S.p.A. (‘Iccrea Banca’). The transaction signed on 31 July 2023, is subject to certain customary closing conditions, and is expected to close before the end of 2023. Allfunds is one of the world’s leading B2B WealthTech platforms for the fund industry offering fully integrated solutions for both fund houses and distributors, and Iccrea Banca is the parent company of Gruppo BCC Iccrea, the largest Italian cooperative banking group. With this transaction, Allfunds will build upon its position in the local paying agent business in Italy and also strengthen its partnership with an important financial institution in Italy. The Freshfields team was led by partners Cyrus Pocha, Luigi Verga and Nick Jones with support from senior associate Valentina Gagliani and associate Kyle Toner.