This alignment of interests is what ensures the bank’s long-term vision in its two main business areas: wealth management and asset management. The focus is not on short-term or quarterly returns, but on preserving wealth across generations, taking care of clients whose parents and grandparents have already placed their trust in the firm, explains the executive.
The institution has remained true to its principles, although it has also evolved in recent years. “For 205 years we have had the same DNA, the same philosophy. We do the same things, but our current dynamic is very different from what it was five or six years ago. We have changed a lot and hired many people who share the same values,” says Nicolas Mirabaud.
This philosophy is evident in Spain. Fernando Garro reveals that the entity has experienced annual growth in the Spanish market of between 20% and 25% over the past three years. This has allowed Mirabaud to reach around 1,000 clients with assets exceeding one million euros, the goal being to reach two thousand, across its offices in Madrid, Barcelona, and Valencia.
Garro explains that the wealth threshold from which they offer their services allows them to “differentiate themselves from Spanish banks, which have extraordinary professionals but are focused on retail clients.” “We dedicate ourselves to what we have been doing for the past 200 years, and that is probably what has allowed us to survive the 40 or 50 crises that have occurred throughout the bank’s history: wars, pandemics, financial crises…”
With 42 employees already in Spain, Nicolas Mirabaud announces the hiring of bankers in Valencia as part of a broader goal to add around 20 professionals in Europe in the short and medium term, seeking individuals with “great energy, strong motivation, extensive knowledge, and, of course, plenty of passion.” Garro adds that this talent-attraction strategy has been crucial to the Group’s recent success in Spain, which also includes the appointment of Pedro Dañobeitia as the entity’s General Manager in 2023.
The institution has forged alliances in Spain with AltamarCAM and Oquendo Corporate.
Mirabaud’s wealth management business has evolved to meet the growing complexities of the market. No longer limited to portfolio management, its offering has expanded to include sophisticated investment solutions such as “private equity, real estate opportunities, conversions, and club deals”, explains Mirabaud.
To enrich this offering and provide a more comprehensive service, the institution has forged strategic alliances in Spain with AltamarCAM Partners for private equity and with Oquendo Corporate to advise clients on corporate operations and mergers and acquisitions (M&A). It also offers the Hausmann fund, one of the world’s first hedge funds, created in 1974. Thanks to Mirabaud’s open and diversified architecture, “the profitability of a balanced portfolio stood between 7% and 9% last year,” Garro notes.
Despite its long history, the bank is looking toward the future through technology. Nicolas Mirabaud reveals that they are undergoing a major transformation through the development of a new private banking technology platform that will migrate to the cloud. The partner affirms that this is the largest investment the bank has made in its 205-year history.
In the context of the Spanish market, which has seen significant consolidation in the private banking segment, Fernando Garro points out that “the most important factor in any merger or acquisition is cultural fit.” However, Mirabaud remains true to its model, ensuring that acquisitions are not part of its DNA and that growth will focus instead on enhancing quality and performance in the countries where it already operates, without expansion plans into new territories.
