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Andbank Spain agrees on the integration of the management company Merchbanc into its group

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Andbank Spain agrees on the integration of the management company Merchbanc into its group

Following the agreement announced today, Andbank is incorporating the talent of the Spanish management team with the best track record in international equity Merchbanc has over 450 million euros of assets under management and more than 3,500 clients Andbank Spain consolidates its place as one of the country’s top ten private banks and positions itself […]

Following the agreement announced today, Andbank is incorporating the talent of the Spanish management team with the best track record in international equity

Merchbanc has over 450 million euros of assets under management and more than 3,500 clients
Andbank Spain consolidates its place as one of the country’s top ten private banks and positions itself as the second most important company specializing exclusively in wealth management
Joaquín Herrero will continue as president and José Isern as general manager of Merchbanc.

Madrid, 18 July 2018 – Andbank Spain, an institution specialising in private banking, announced the agreement today to acquire a majority shareholding in Merchbanc, the Spanish management company established in 1981 with over 450 million euros of assets under management and more than 3,500 clients. The operation, which is pending approval by the authorities, will result in the integration of Merchbanc’s business into the Andbank Group, which consolidates its place as one of the leading private banks in the Spanish market.

In the words of Carlos Aso, CEO of Andbank Spain: “We are very pleased to announce this integration, which means added talent for our institution”. Andbank Spain has also stressed that the operation does not imply any changes for Merchbanc clients, who now join clients receiving services from the institution in Spain: “Our objective is to guarantee total continuity and stability for all Merchbanc clients, who will now be able to access the greater range of investment services and products offered by the private bank in Spain”, Carlos Aso explained.

Merchbanc’s asset management talent is added to Andbank Spain

With this agreement, Andbank Spain is incorporating all of the management, analysis and distribution talent at Merchbanc, a management company which has received industry recognition in recent years for the quality of its management and the track record of its products. Merchbanc has a solid track record in asset management, particularly with funds in the international equity category, with numerous awards and recognition for the performance of its investment vehicles. The emblematic Merchfondo stands out among its funds, with cumulative returns of 100% over the last five years and 266% over the last ten years. It stands in first place in the Inverco global fund ranking, 5, 10, 15, 20 and 25 years (data from the end of June 2018).
The agreement does actually involve keeping Joaquín Herrero as president and José Isern as general manager of Merchbanc.
Joaquín Herrero, president of Merchbanc, announced that “We are very excited about this new chapter in the history of Merchbanc. We’re convinced that the joining of forces between Andbank and Merchbanc will lead to a strengthening of the service for our clients and will reinforce our commitment to protecting their interests. Andbank’s values fit in perfectly with our asset management philosophy, which will enable us to find new opportunities to create value for clients in both groups”.
The operation that was announced today is scheduled to be completed at the end of this year, and consolidates Andbank Spain’s position as one of the top private banks in Spain, with over 9.5 billion euros in assets under management.