Mutua Madrileña merges two of its private banking firms to create Orienta Wealth with $7 billion in assets.
Boards of Directors Orienta Capital and Alantra Wealth Management to merge into a single firm which he expects to be up and running later this year. The new company will be 85% is owned by Mutua Madrileña Group, and 15% is owned by the directors of the two combined companies. Until now, Grupo Mutua owned 85% of Alantra Wealth Management shares and 87.1% Orienta Capital.
New entity will be called Orienta Wealth and will offer private banking services aimed at assets of one million euros. His goal is to acquire leadership positions in this segment outside of banking structures, for which he will have a team of 140 professionals, 62 of whom are private bankers with an average length of service in the industry of 25 years.
The new company will start its activities from managed capital of EUR 7,050 million and more than 4600 clients, in addition to having eight offices located in Madrid, Barcelona, Bilbao, San Sebastian, Vitoria, Seville, A Coruña and Zaragoza; to which is added subsidiary in Switzerland strengthen its international presence.
Similarly, Orienta Wealth will retain the styles and business models of the merging organizations, but will also will add new resources to provide advisory and portfolio management servicesselection of third-party funds and investment programs in alternative assets.
Who will occupy leadership positions?
Thanks to this merger, Mutua Group to expand private banking offerings through its investee companies. The board of directors of the new company will include Alfonso Gil, who will take over as CEO, Tristan Pascual del Pobil as Executive President, Javier Pascual on behalf of the private bankers of the former Orienta Capital, Inigo Marco-Gardoqui representing the interests of those who were part of Alantra Wealth Management and six more members representing Mutua Madrileña. Except, Emilio Soroa will Honorary President new company.
For Ignacio Garralda, President of Mutua Madrileña Group “The new division reflects our group’s strong commitment to growth in the advisory and asset management business, where we maintain our focus on investment and long-term growth.”
Growth Prospects
According to the Strategic Plan for 2024-2026 Mutual groupplanned growth of about 30% in assets managed in the current planning period, until will exceed 27 billion euros by the end of 2026.
When this merger takes place at the end of the year, Grupo Mutua to have three asset management companies specializes in consulting and private banking services: Mutually active (100% Mutua group), electrical discharge machining (84%) and the future Orienta Welt (85%), including They will manage combined assets of more than 23.3 billion euros.