OpenWealth enables CaixaBank to become the first bank in Spain to provide its ultra-high net worth (UHNW) customers with global asset advisory services
Branch interior of CaixaBank. (Credit: CaixaBank, S.A.)
CaixaBank has launched a new subsidiary, dubbed OpenWealth, to provide global advisory services for its ultra-high net worth (UHNW) customers.
With a team of around 10 experts, OpenWealth will provide a Multifamily Office offering to the bank’s customers with large asset holdings, amounting to more than €50m.
The new subsidiary will select the best service providers for each requirement and conducts an in-depth analysis and due diligence on all the available options.
OpenWealth will operate under a model of complete independence and will explicitly charge for its services, said the Spanish lender.
CaixaBank private banking director Víctor Allende said: “OpenWealth will contribute significantly to the bank’s Private Banking business in terms of positioning.
“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.”
The new unit will provide its customers with an in-depth knowledge of the market along with the opportunities to benefit from CaixaBank’s partnerships.
OpenWealth will enable best-personalised solutions and collaboration with various private banks and asset managers, without giving priority to any entity.
It enables the companies outside the CaixaBank can also be empowered to provide advisory, discretionary portfolio management, RTO and custody services.
OpenWealth will provide a holistic service that addresses the customers’ needs, from allocating assets and providing consolidated information to searching for providers, said CaixaBank.
The bank said that its customised advisory service will complement CaixaBank Wealth, its independent advisory unit for Private Banking customers, launched in 2018.
CaixaBank Wealth will show maximum transparency and explicitly charge for the advisory services that ensure the best alternatives in the market.
Furthermore, the new model in the Spanish banking sector will also deploy advanced technology and include unified reporting, said CaixaBank.