Swiss private bank Mirabaud wants to extend
its activities in Spain and grow Spanish assets under management by
15%, according to its chief executive Antonio Palma.
“This is quite an ambitious objective, but in
the long term it is realistic, as is shown by our track record in
the UK and in France,” Palma said. “In spite of the delicacy of the
Spanish economy at the moment, we believe firmly that our offering
gives added-value to attract new clients.”
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The bold growth projection follows the
integration of Spanish brokerage firm, Venture Finanzas, into
Mirabaud’s Spanish operations.
The Swiss bank’s Spanish push comes despite
Bank Sarasin being forced to close down its Spanish subsidiary,
Sarasin Alén Agencia de Valores, in May.
The joint venture with Alén Gestión
Patrimonial was shut in light of the adverse market climate in
Spain and the subsidiary’s disappointing business performance, Bank
Sarasin said.
Mirabaud invested in Venture Finanzas in 2010
with the acquisition of a 25% stake which it hopes will allow the
bank to develop and launch new products in the local market through
its offices in Barcelona, Madrid and Valencia.
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By GlobalDataMirabaud said its Spanish operations would
offer services in private banking, institutional management,
intermediation services and product distribution.
Last year Mirabaud purchased a small
shareholding in Finaveo, a platform for independent wealth managers
in France that offers open management as well as multi-manager
products.
