CaixaBank develops Ultra-High Net Worth advising service

CaixaBank has developed a worldwide consulting service for customers with ultra-high net worth (UHNW).

This wholly-owned subsidiary of the Spanish bank will be known as OpenWealth and will service clients with assets above €50 million.


Its multi-family office product, which is managed by a 10-person team, will choose service providers and undertake in-depth analysis and due diligence across all accessible market possibilities using an independent methodology. It would facilitate personalised solutions and coordination with private banks and investment managers, according to the statement.

OpenWealth's "holistic service" will encompass a wide variety of operations, including strategic asset allocation and information provision, as well as the search for overseas suppliers when services necessitate them.


Companies from outside the bank's group will be permitted to contribute to advisory and discretionary portfolio management. According to the bank, the structure would provide a "look-through" of the portfolio, enabling continuous study of investments through a consolidated picture 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.”

By fLEXI tEAM