has purchased its 24.41% stake in Alantra Wealth Management from Alantra Partners for 16.6 million euros, bringing the insurance group’s stake in this private banking entity to 76%, as reported on Tuesday .
Mutua Madrileña, the private banking division of Alantra, while 24.99% of the capital remained in the hands of Alantra Partners and the remaining 25% was controlled by the management team.
Now, Mutua has bought the participation that Alantra had and an additional 1.8% of minority partners, with which it already controls 76.3% of the entity’s capital, while the main executives of Alantra WM own 23, remaining 7%.
As Alantra Partners has notified the National Securities Market Commission (CNMV), the sale price of its 24.4% stake in Alantra Wealth Management Agencia de Valores, SA and in Alantra Wealth Management Gestión, SGIIC, SA ( jointly, Alantra Wealth Management) has been 16.6 million.
The amount has been paid in cash this same Tuesday, which will mean a capital gain in Alantra’s consolidated accounts for the year 2022 of approximately 6.5 million euros.
Temporarily, Alantra Wealth Management will continue to use the Alantra brand until it defines its new corporate identity. His team, led by Alfonso Gil, will continue to lead this business and Mutua will rely on it to continue promoting its growth in private banking.
Alantra Wealth Management is specialized in advising high net worth individuals and its value proposition consists of a highly qualified service through private bankers. The firm has offices in Bilbao, San Sebastián, Madrid, Barcelona, Seville, Coruña, Vitoria and Zaragoza.
Mutua has highlighted that, since it became a shareholder of Alantra WM, the entity has practically doubled its income and assets under management, which have exceeded 3,330 million euros at the end of 2021.
Grupo Mutua thus continues to bet on the growth of the financial advisory and wealth management business. In recent years, in addition to taking the stake in Alantra Wealth Management and maintaining 20% of the capital of Alantra Asset Management, Mutua has , whose stake exceeds 58%. The entity also has a
The president and CEO of Grupo Mutua, Ignacio Garralda, has indicated that the “excellent” results obtained in recent years “support the acquisition by Mutua, which has enabled the development of Alantra WM’s differential project to be promoted in the field of asset management and counseling for high net worth”.
“The operation reinforces Grupo Mutua’s diversification and growth strategy in asset management, as established in our current 2021-2023 strategic plan,” he recalled.
On his side, the executive president of Alantra, Santiago Eguidazu, has pointed out that the operation obeys Alantra’s strategy of focusing and continuing to invest in its ‘core’ activities, such as investment banking, alternative asset management and the structuring of alternative investment vehicles and institutional distribution.
“As we anticipated in 2018, in Mutua they have found the ideal partner to develop a leading private banking project in Spain”, he assessed.
The CEO of Alantra Wealth Management, Alfonso Gil, has thanked Alantra for its support in recent years. “It has been a great partner that will continue to contribute capabilities to our value proposition. Mutua Madrileña’s shareholding reinforcement is very important for us. These years have allowed us to confirm that its leadership strategy in advisory and asset management will allow us to live a stage exciting in this sector”, he stated.
Currently, Grupo Mutua manages total assets of around 19,000 million euros through Mutuactivos and these companies.
Facebook Comments
Disqus