Spain’s CaixaBank has set up an independent global advisory service to cater to its ultra-high-net-worth (UHNW) individuals.

As a fully-owned subsidiary of CaixaBank Group, OpenWealth will serve customers with more than €50m in assets.

It will provide customers information to search for national and international providers when specific services are required, allowing companies outside the CaixaBank Group to offer advisory, discretionary portfolio management, RTO and custody services.

The new company will also provide a “Multifamily Office” offering to customers with large asset holdings.

Customers will be offered ‘in-depth knowledge’ of the market as well as the possibility of benefiting from the group’s partnerships with various private banks and asset managers, the bank said in a statement.

The OpenWealth team will comprise ten experts, who have access to all the Group’s resources. It will allow customers to analyse the global investments at any given time through the consolidation of financial and non-financial entities’ positions with unified reporting.

This customised advisory service is said to complement CaixaBank Wealth, an independent advisory unit launched in 2018 for CaixaBank’s Private Banking customers.

CaixaBank Private Banking director Víctor Allende said: “OpenWealth will contribute significantly to the bank’s Private Banking business in terms of positioning.”

Allende also added that this new service “will make CaixaBank the first bank in the domestic market to offer a multifamily office service, thus achieving a competitive edge in the segment of large customers, as we will be able to assist them with all their assets, which may be distributed among various private banks.”