The wealth management project of Rothschild & Co in Spain begins to take shape. For now, the private bank has closed its hard core with the first two signings, a team that already has six people in total and with which it has started. His intention is to sign two more senior bankers before the end of the year and add up to six more in the next two years, up to around 15 professionals in 2023.
Initially, the founding team of Rothschild & Co Wealth Management Spain is made up of private bankers Hugo Martín -the general director of this area- and Mónica López, the market analyst Maxime Douchet and Ana Estévez for the administration. All of them come from Switzerland, where they already dealt with high-net-worth Spanish clients.
To these have been added Sergio Cabaleiro as portfolio manager,from Deutsche Bank (where he has spent the last 12 years) and with previous experience at Caixa Catalunya and Barclays, as well as Antonio Sampedro as head of Regulatory Compliance and Risks, from Credit Suisse and with a long career in entities such as Garrigues, Santander, Andbank or Nomura.
The six of them are the ones that Martín considers as “the founding team” of the new private bank in Spain.
The objective is to grow by two senior bankers of recognized prestige in 2021, up to eight professionals, and then incorporate two or three bankers in 2022 and the same number by 2023, up to fortnight. Yes, for the moment the figure of the financial agent is ruled out for two reasons: “to be able to control the philosophy of the house and its reputation, which is very important to us,” says the general manager in an interview with EL ESPAÑOL-Invertia.
above 5 million
The private bank takes clients with financial assets as a point of reference over five million euros, although it is not exclusive of lower assets. “We feel comfortable at this level because it is where we can make the most of all the capabilities of the group, especially co-investment,” explains Martín. Rothschild & Co has 10,000 million euros in co-investment with its clients, of which a tenth (1,000 million) belong to the owner family.
The main lines of the project are “Capital Preservation and Positions of Conviction”. “Our obsession is not to endanger the liquid assets of our clients and, from there, to make them grow with unique investments”, outlines the head of the securities agency, for whom Rothschild & Co Wealth Management Spain is “like a start-up very pampered and protected by the group”.
Its business objectives in Spain are to consolidate the existing client portfolio, grow with new clients and “encourage proximity and service”. They will deal with clients from all over the country, but will centralize the relationship from Madrid. Although they do not reveal their initial business volume, they do state that they want to grow at double-digit annual rates and “double the current business volume in five years”.
For this, the priority growth path will be organic, although they do not rule out studying corporate operations that make strategic sense in the future and neither jump to other European countries from Madrid.