Spanish insurer Mapfre has launched private banking unit Mapfre Gestión Patrimonial, a new wealth management business aimed at retail clients wanting to monetise their savings through an open architecture model.
The service will be carried out through Mapfre’s network, along with a new office in Madrid, with a team of 16 professionals, recently opened for the new business. The firm also plans to open another office in Barcelona.
Mapfre is also studying to open new private banking offices in other Spanish cities as the business develops.
The firm will use an open architecture model and, through Mapfre Gestión Patrimonial, it will commercialise national and international mutual funds, pension plans, securities, bonds, options and recommended portfolios. The new business does not cover alternative assets nor ad hoc portfolios.
The client will have access to a plaform with an offer of more than 15,000 investment funds, supported by Mapfre’s own system, along with Inversis Bank and Alfunds bank.
The goal is to involve the saver in financial planning and make him an investor, parlicularly amid this zero interest rate enviromnet, the firm said.