CaixaBank has launched an independent global advisory service for ultra high-net-worth (UHNW) customers.
Called OpenWealth, this fully-owned subsidiary of the Spanish bank will serve clients with assets totalling over €50 million.
Its ‘multi-family office’ offering, driven by a 10-strong team, will select service providers and conduct in-depth analysis and due diligence across all available market options, carried out under an independent model.
It will drive personalised solutions and collaboration with private banks and investment managers, it said.
OpenWealth’s “holistic service” will cover a broad range of activities, from strategically allocating assets and providing information, to searching for international providers when services require it.
Companies outside the bank’s group will be able to provide input, including across advisory and discretionary portfolio management.
According to the bank, the structure will cater to a “look-through” of the portfolio that will allow constant analysis of investments via a consolidated view of clients’ financial affairs.
Víctor Allende, director of CaixaBank Private Banking, said: “This new service will make CaixaBank the first bank in the domestic market to offer a multifamily office service, thus achieving a competitive edge in the segment of large customers, as we will be able to assist them with all their assets, which may be distributed among various private banks.”
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