Earthquake in the private banking sector. Victor AllendeHead of High Net Worth and Large Wealth Segment CaixaBank For almost a decade, he left the group to undertake a new professional project.
For now, he does not have a designated successor. The entity has opened a process to replace him and an internal promotion as well as an external signing in the market are open. CaixaBank has not commented on the matter.
CaixaBank is the second Spanish entity with the largest volume of activity in the private banking sector, with assets close to 146 billion eurosaccording to the latest sector ranking established by People Funds in 2023. Barely 5 billion separated it from the leader, which is Santander.
Allende has always been closely linked to Juan Antonio Alcarazformer number three of CaixaBank and former general manager of business, dismissed at the beginning of 2023. The departure of Alcaraz marked a before and after for the senior executives who had been promoted under his protection, as is the case of Allende.
During the years that Allende has been leading the Catalan bank’s VIP client segment, CaixaBank has demonstrated great commercial dynamism in the wealth management market, in direct competition with international banks.
OpenWealth, its big step
Among his most notable milestones, Allende revolutionized the investment fund platform with an open architecture of third-party managers, promoted thematic portfolios and fund mandates, fostered the opening of a banking subsidiary in Luxembourg and successfully created an independent advisory division for the ultra-rich, family groups or companies with more than 50 million euros.
This latest division, OpenWealth, already oversees assets of 7.3 billion, has made the big leap to Lisbon (Portugal) and has recently formed an advisory board made up of independent experts, including Inés Andrade, Juan Béjar, Blanca Hernández and Fernando Ruiz.
Allende’s farewell leads to a second broken of importance in CaixaBank’s investment activities in less than six months. Last April, Mapfre recruited its former CEO, Juan Bernal, from its asset manager, CaixaBank Asset Management.
This financier is now the corporate director of investments of the insurance company chaired by Antonio Huertas. His position at CaixaBank AM was assumed by Ana Martín de Santa Olalla.
