CaixaBank’s OpenWealth launches independent advisory service for ultra wealthy in Spain
The first bank in the domestic market to offer a multifamily office service.
CaixaBank has launched OpenWealth, an independent and global advisory service for the bank’s Ultra High Net Worth Individuals (UHNWI) customers.
The subsidiary fully owned by the CaixaBank Group will provide this service , a ‘Multifamily Office’ offering, only to customers with assets amounting to over €50 million.
Customers with large asset holdings will be offered a bespoke service that selects the best service providers for each need and then conducts an in-depth analysis and due diligence on all the options available on the market.
OpenWealth will carry out its service with complete independence and explicitly charge for the service in order to provide its customers with in-depth knowledge of the market as well as the possibility of benefiting from the Group’s partnerships.
Companies outside CaixaBank are welcome
The launch aims to be a pioneering model in the Spanish banking sector as OpenWealth will operate with complete independence. This means that companies outside the CaixaBank Group will also be able to provide advisory, discretionary portfolio management, RTO and custody services.
The goal is to fulfil customers’ needs – from the strategically allocating assets process and providing consolidated information to searching for national and international providers when specific services are required.
Víctor Allende, Director of CaixaBank Private Banking, commented: “OpenWealth will contribute significantly to the bank’s Private Banking business in terms of positioning. [This] 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”.
