Credit Suisse has joined forces with Allfunds to create a wealth platform that will have more than €500bn in assets.

Under the terms of the deal, the Swiss bank will transfer its fund sales business InvestLab to Allfunds’ ownership, in exchange for a minority shareholding in the Spanish fund supermarket. Credit Suisse will use the expanded platform as part of its own client offering, and some InvestLab staff will take senior roles at Allfunds.