Santander Setting Up Miami, Switzerland Offices for Super-Rich

(Bloomberg) — Banco Santander SA’s new wealth consultancy services for super-rich clients are set to reach Miami, Switzerland and Brazil after launching in Spain.

The lender is setting up independent multifamily offices under the Beyond Wealth brand, people familiar with the plans said. The Spanish office is already registered and has 10 employees, charging clients annual fees of at least €100,000 ($114,000) for consultancy services, they said, asking not to be named while discussing internal information. 

Javier Lafarga, who earlier this year joined Santander from CaixaBank SA, will be Beyond Wealth’s chief executive officer in Spain. This will be the first time Santander offers this type of business in the country, and it aims to sign up existing bank customers as well as new ones, the people said. It already offers some services in Switzerland and Brazil. 

Beyond Wealth aims to break even and have about €10 billion under consultancy in three years, the people said. Clients who qualify for this business are expected to have about €50 million in assets.

It will assist clients with their financial, real estate, corporate and philanthropic assets but won’t do any management, so it doesn’t compete with the group’s existing private banking business, they said.

Santander has been reorganizing its private banking operations since it named Javier Garcia-Carranza last year as global head of its wealth management and insurance division. The unit has about €511 billion in assets under management and contributes about 13% of the group’s profit. 

–With assistance from Jorge Zuloaga.

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