Spanish financial group Rentamarkets has acquired the clients portfolio of the Portuguese broker Orey Financial in Spain in a bid to bolster its retail business.
The Spanish firm is buying a portfolio of 3,000 clients for an undisclosed amount around a year and a half after opening its business to retail clients through the purchase of the portfolio of Ahorro Corporación Financiera.
The acquisition will enable Rentamarkets to increase both its number of retail clients to 21,000 and its assets under management to some €730m.
Rentamarkets entered the retail business in October 2017 through the acquisition of the clients portfolio of Ahorro Corporación Financiera.
Through the operation retail investors belonging to the acquired portfolio remained operating under the same conditions while Rentamarkets enhanced the services it was providing to its clients by signing a strategic agreement with Saxo Bank.
The agreement consisted of the launch of a multi-product platform that allowed retail investors to operate in international markets, with access to both traditional and alternative products.