OpenWealth, the CaixaBank Unit Providing Wealth Related Services for UHNWIs, Surpassed €7.3B in Assets Under Supervision

OpenWealth, the CaixaBank subsidiary dedicated to providing independent wealth advisory services for large clients, surpassed €7.3 billion in assets under supervision at the end of April 2024, reportedly making it “not only the largest wealth advisory firm for Ultra High Net Worth clients, but also the largest multifamily office service in Spain.”

In just two years of activity, OpenWealth’s offer, based “on high specialisation and diversification, has allowed it to consolidate its position as a leader in the sector in the country.”

CaixaBank was the first bank in Europe “to launch this service, 100% independent and with an explicit charge, which is offered to people with assets worth over €50 million, regardless of whether or not they are customers of the bank and regardless of where they have their assets deposited, which can be in different entities.”

In recent months, OpenWealth has increased “the number of clients to a portfolio of 45, and consequently its team of professionals, now made up of 17 consultants compared to the initial five, with the aim of continuing to guarantee the quality and personalization of the service at all times.”

The entity, which has offices in Madrid, Barcelona, Valencia, Bilbao and Malaga, will soon open a center in Lisbon (Portugal), promoting “the further internationalization of its services and client portfolio.”

As a result, OpenWealth expects to “exceed not only its initial business estimates but also the improved forecasts made last October, when it announced the objective of reaching €10 billion in assets under management and 50 clients by 2025, consolidating a unique value proposition in the market.”

Sol Moreno de los Rios, CEO of OpenWealth, said:

“OpenWealth’s growth in its two years of activity is a sign of the great acceptance of our disruptive and unique value proposition in Spain, one that is based on adapting to the needs of our clients and maximum personalisation, diversification and specialisation. We join the best of the two worlds: the advantages of being an independent and flexible boutique, and those of belonging to the leading financial group in the peninsula, which allows us to offer innovative and exclusive solutions.”

OpenWealth was born as a holistic service from “an independent entity focused on the big issues affecting business families, including governance, family vision, strategic planning, education of new generations, succession, and analysis of investment opportunities.”

In addition, OpenWealth offers risk and cost control services, family office/investment organization, as well “as a technological tool for wealth consolidation and portfolio risk management.”

The entity has specialists in real estate, infrastructure, listed markets and private markets.”

In this way, it covers all the client’s needs, “from the strategic asset allocation process and consolidated information to the search for national and international providers of specific services.”

OpenWealth works with entities “outside the CaixaBank Group that can provide advisory, discretionary portfolio management, reception and transmission of orders (RTO) and custody services.”

At present, 74% of balances are deposited with, “advised or managed by entities other than CaixaBank.”

Furthermore, OpenWealth has created a new advisory committee, “made up of a selection of independent experts with diverse profiles and recognized prestige, with which it seeks to reinforce its value proposition and knowledge of the market.”

The committee, which met for the first time “on 20 June, will meet quarterly and will help OpenWealth continue to innovate and transform its proposition and learn about trends in the global high net worth and family office industry to anticipate new client needs with tailored solutions.”

As a 100% independent service, OpenWealth works with “more than 20 national and international banks.”

It has recently signed a strategic alliance with Fiduciary Trust International, a US firm with over €100 billion of assets under management, which “offers customized wealth management solutions for individuals, families and foundations.”

With this alliance, CaixaBank seeks to “share best practices, information, experience and knowledge of the family office sector in the United States, where it leads the industry.”

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