Mapfre is done with 10% of Abante Asesores

Both firms have signed a strategic alliance with the objective of creating "the most independent platform for financial advice and distribution of products in the Spanish market."

Under this agreement, Abante Asesores notes that it will continue to develop its advice and planning model without renouncing independence. For its part, MAPFRE will participate in the private banking market growth and consolidate its leadership position in asset management.

The insurer happens to become Abante's strategic insurance partner and will incorporate the insurance products and solutions to the Financial Advisory and Financial Life Planning services of the financial entity. In addition, "the development of new products focused on solving the challenges of longevity and the uncertainties that it causes, "said Abante Asesores. The idea is to work together in the implementation of both traditional and alternative products, such as venture capital, real estate, debt or others.

Digitization

Abante Asesores will allocate all the resources contributed by MAPFRE to the development of this alliance and "to face the necessary investments to continue working on the digitalization of the financial advisory service". However, they are not discarded possible corporate operations in the Spanish financial market, as well as internationalization opportunities of the private banking model of Abante in Latin America, where MAPFRE is a leader in the Non-Life segment.

For Antonio Huertas, president of MAPFRE, "this great agreement strengthens our strategic lines in the world of asset management." “Having a partner of such prestige and long experience in the industry as Abante paves the way for us to become independent leaders of the sector and power in the medium term compete in the distribution of financial products in the same way as any financial or private banking entity ”.

For his part, Santiago Satrústegui, president of Abante, “having a partner like MAPFRE is an immense opportunity for Abante, because reinforces our capital structure to invest more and better and to be able to develop new projects that alone would have been difficult to face ”. In addition, it emphasizes that "it allows them to maintain independence in the capital and in the management of the company".