Called OpenWealth, it is a wealth management company targeting high net worth individuals (more than €50 million) and family offices in Spain and has more than €7.3 billion in assets under management.
Portugal is in vogue for banks and financial companies managing high yield assets and the owner of BPI will not miss this opportunity. CaixaBank is preparing to open a branch of its wealth management company in the country.
Called OpenWealth, it is a wealth management company targeting high net worth individuals (more than €50 million) and family offices in Spain and has more than €7.3 billion in assets under management.
The bank in Spain revealed that the company, which has offices in Madrid, Barcelona, Valencia, Bilbao and Malaga, will soon open a center in Lisbon (Portugal), thus further enhancing the internationalization of its services and client portfolio.
Asked by Jornal Económico, Caixa said the opening “will take place in the coming months, but there is no specific date yet.”
This decision is not related to the fact that Portugal is among the top 10 favorite destinations for foreign millionaires to stay. According to estimates from consulting firm Henley & Partners, the country is expected to end the year with more than 800 foreign millionaires. The country's appeal comes from its lack of income tax, golden visas, luxurious lifestyle and strategic location.
The United States ranks second, followed by Singapore, Canada, Australia, Italy, Switzerland, Greece, Portugal and Japan to complete the top ten.
This year alone, Indosuez Wealth Management, a subsidiary of Credit Agricole and Union Bancaire Privée, based in Switzerland, opened offices in Lisbon. Zurich-based Julius Baer Group also plans to expand into Lisbon next year.
While wealth management is known to be a growing business for many major banks around the world, the decision by at least three European banks to open offices in Lisbon within a year or two indicates the importance of inflows into the economy. With a value of $286 billion and the country's attractiveness to wealthy immigrants.
Bloomberg cites Henley & Partners, an immigration consulting firm, which estimates that more than 800 high-net-worth individuals with disposable wealth equal to or greater than $1 million will have moved to Portugal in 2023, making the country one of the top 10 destinations. For immigrant millionaires.
Portugal's legislation remains very attractive globally for business families and investors from countries such as Brazil, the UK and the USA, Miguel Durham Agrillos, managing partner of Durham Agrillos Advogados, told Jornal Económico, which presented the status of unusual residence legislation (2.0). .
“The RNH 2.0 program is particularly interesting for global business families and qualified professionals, as it offers significant improvements compared to the previous system. This has made Portugal one of the largest players Worldwide market for Private wealth“, creating an exceptional economic and legal ecosystem for global business families,” says the lawyer.
With the opening in Portugal, OpenWealth hopes to exceed not only its initial business estimates, but also the improved forecasts it announced last October, when it announced the goal of reaching €10 billion in assets under management and 50 clients by 2025, leveraging a unique value proposition. . Proposal in the market.
CaixaBank's subsidiary, dedicated to providing independent wealth advisory services to high-net-worth clients, exceeded €7.3 billion in assets under management at the end of April 2024, thus becoming not only the largest wealth advisory firm for ultra-high-net-worth clients, but also the largest multinational company. -Family office service in Spain.
Thus, in just two years of activity, OpenWealth's commitment, based on high specialization and diversification, has strengthened its position as a leader in this sector in the country.
CaixaBank was the first bank in Europe to launch this service, 100% independent and with explicit fees, which is offered to people whose assets exceed 50 million euros, regardless of whether they are clients of the bank or not or their assets are deposited, which can be in different institutions.
In recent months, OpenWealth has increased the number of clients to a portfolio of 45 clients, and thus also the team of professionals, which now consists of 17 consultants compared to the first five, with the aim of continuing to guarantee quality and customization of service at all times.
Sol Moreno de los Ríos, CEO of OpenWealth, highlights in a statement sent in Spain that “OpenWealth’s growth during two years of activity is a sign of the great acceptance of our value proposition, disruptive and unique in Spain, based on adapting to the needs of our clients and reducing Maximum customization, diversification and specialization.
“We combine the best of both worlds: the advantages of being an independent, flexible shop and the advantages of belonging to the main financial group on the peninsula, allowing us to offer innovative and exclusive solutions,” he adds.
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