Spanish Office Expansion Signals Private Bank’s Regional Ambitions

A Swiss private banking group is staffing up its Valencia office and forging advisory partnerships as it deepens its presence across Spain’s wealth management market.

The bank recruited Sergio Bernal in May 2024, a move that earned the young professional a nomination for Citywire Spain’s 2025 Best Underdog Banker award. Luis Capilla, who heads the Valencia office, said additional hires are underway as the institution seeks professionals aligned with its operational philosophy.

“We are currently recruiting new professionals who align with Mirabaud’s philosophy and values,” Capilla said in an interview. “We want them to find an environment within the company that allows them to develop their entrepreneurial spirit.”

The Valencia team comprises four professionals, including two bankers who work with high-net-worth individuals. The office accounts for more than 30% of the bank’s wealth management structure across Spain, where the institution maintains additional locations in Madrid and Barcelona.

M&A Partnership Broadens Service Offering

Mirabaud announced an exclusive agreement with Oquendo Corporate in July to provide merger and acquisition advisory services to private clients and family offices throughout Spain. The partnership aims to support clients during business transitions, generational changes, and divestitures.

Oquendo Corporate brings more than 20 years of experience advising family businesses, entrepreneurs, and international groups on corporate transactions. Recent deals include advising families on the sale of Lacer and DYTSA, as well as supporting Portobello Capital on the acquisition of Prevencontrol, a vehicle inspection company in Catalonia.

“This agreement enables us to offer a more comprehensive service to our Clients, especially in contexts of growth and strategic evolution,” said Pedro Dañobeitia, chief executive officer of Mirabaud in Spain.

The collaboration reflects a broader trend among wealth managers: partnering with specialized firms to maintain independence while accessing expertise across different fields. Both organizations emphasize shared values including independence, innovation, and client orientation.

“Collaborating with Mirabaud represents a natural alliance based on shared values,” said Manuel de Prado and Iñaki Salazar, founding partners of Oquendo Corporate.

Local Knowledge Meets International Platform

The Valencia office operates within a coordinated network that spans multiple Spanish cities. Teams across Madrid, Barcelona, and Valencia work in tandem, sharing resources and expertise while maintaining deep knowledge of local markets.

Capilla emphasized the combination of regional understanding with access to international capabilities. The office serves families, business groups, and family offices, functioning in what he describes as a multifamily office capacity.

“Our strength lies in combining in-depth knowledge of the local market with the support and synergies offered by the international group,” Capilla said.

The bank entered Spain in 2012, building on a history that extends to 1819 in Geneva. Founders from the family still hold managing partner positions after seven generations, a structure the institution emphasizes when discussing succession planning with entrepreneurial clients.

Spanish operations emphasize personalized service supported by dedicated specialist teams. Relationship managers maintain regular client contact, backed by expertise in areas including private assets, estate planning, and wealth structuring.

Alternative Investment Access Expands

The bank collaborates with external partners to broaden investment options for clients. An alliance with AltamarCAM, announced in April, offers a semi-liquid evergreen strategy focused on private equity investments worldwide.

Access to alternative investments forms part of the bank’s broader offering. Mirabaud manages the Haussmann fund, which the institution describes as the world’s first fund of hedge funds, launched in 1974. These investment vehicles complement traditional portfolio management and advisory services.

“Mirabaud offers cutting-edge investment alternatives, such as hedge funds,” Capilla noted. “These types of collaborations allow us to offer exclusive, tailored solutions to our clients.”

The Valencia office maintains focus on sustainability and environmental, social, and governance criteria in its investment recommendations. Client relationships emphasize long-term planning rather than short-term performance metrics.

Capilla, who has worked in financial services for more than 30 years, said the trust built with families over time distinguishes private banking from other financial services. His career has centered on wealth management and direct client interaction since completing business administration studies at the University of Valencia.

Market Position and Growth Objectives

The Spanish market presents both competitive pressure and growth opportunities for wealth managers. Capilla views competition from established institutions and boutique firms as a catalyst for improvement rather than a constraint.

“In an environment like ours, with other top-tier offices and entities, we see competition as a driving force that encourages us to refine our work,” he said.

Looking forward, the Valencia team aims to expand its client base while deepening relationships with existing accounts. Technology investments and service enhancements continue across the Spanish platform, aligned with broader organizational priorities.

The bank’s Spanish operations connect to a European wealth management platform based in Luxembourg, with branches in France and the United Kingdom. This structure provides access to international capabilities while maintaining regional expertise.

Capilla describes the institution as “a 200-year-old start-up”—combining historical continuity with adaptability to client needs. The phrase captures the bank’s effort to balance tradition with innovation as it grows its Spanish footprint.

Teams across the Spanish offices coordinate on client solutions, combining local market knowledge with group resources. The approach aims to deliver consistent service quality while respecting regional business practices and client preferences.