Diaphanum has echoed its plans to reach €1bn in assets under administration by the end of the year after having already increased the figure by 120% over the past twelve months.
The firm launched by Rafael Gascó in 2016, registered €928m of assets under administration as of the end of September and now aims at reaching €1.4bn by 2019.
Diaphanum counts on 900 clients against the 400 it had at the end of last year. Some 70% of its managed assets belong to clients with more than €1m while €460m belong to clients with more than €5m.
During a meeting that Diaphanum held with the media aimed at revealing its latest results and its growth plans, the firm’s president Gascó said that its business model was gaining more relevance in the private banking sector in Spain given its model based of independent advisory.
Hugo Aramburu, Diaphanum’s partner and Madrid office director, said: “It is a myth that clients do not want to pay for financial advisory. Those who have some patrimonial level and certain financial education, are keen to pay for being advised.”