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We are excited to announce that our new business in Madrid has been featured in a recent news article with Expansion, giving an insight into our firm as we enter the markets in Spain and Europe. The full Spanish article can be found here and we have translated into English below:
The Investment Boutique of Britain’s Fortunes
Saranac Partners has just set up in Madrid, with a team led by María Porta that aspires to become one of the largest investment firms in Spain.
The financial ecosystem around wealthy individuals is growing steadily in Spain. The number of millionaires is increasing every year and forecasts suggest that in just three years, in 2026, the number of millionaires in Spain will reach 1.41 million people. At the same time, financial services linked to this segment are growing: new firms specialising in meeting the financial needs of high net worth individuals and family groups are emerging, and others with an international presence are entering the Spanish market.
One of the latest entities to arrive in Spain is the investment firm Saranac Partners. In 2022, the firm received the license from the CNMV to start operating as agencia de valores. Its objective, in addition to increasing its presence in the Spanish market, is to manage all its operations in Europe from Madrid, a decision it took following the approval of Brexit.
Saranac has two divisions in Spain, one dedicated to independent advice to high net worth individuals and institutional investors and another area, Saranac Partners Capital, dedicated to real estate and corporate finance, with a team dedicated to debt advisory.
Leading the business is Maria Porta, Saranac’s European CEO, after five years as a partner in London and more than 22 years of experience in the financial sector, most of it linked to high net worth clients and family groups from the private banks of UBS and Barclays.
The firm has set up its European headquarters in Madrid’s Calle Hermosilla and has started with a staff of seven professionals, which is expected to grow as the business grows. In addition, the new European branch will be supported by the professionals working in the London office, which is made up of more than 55 people.
Saranac has arrived in Madrid with the desire to take part in the new movements in the private banking sector. It has already incorporated Alberto Gómez, who was part of Indosuez WM until December 2021 and is the new Head of Operations for the European Union of the entity; Jorge Juanas, senior advisor, coming from Julius Baer, where he was responsible for corporate advisory, and Miguel Nigorra Cobian, who arrives from Banca March, after more than 20 years of experience in the sector.
The latest addition to the Madrid office is Charlotte Beechey as a junior analyst and Saranac is already working on its next recruit: a new head of the investment area.
From the City of London to Madrid
The UK’s exit from the EU forced the British firm Saranac Partners to rethink its future in Europe.
After Brexit and the loss of the so-called financial passport, which prevented it from providing services to other EU countries, the investment firm decided to set up in the centre of Madrid, in the Salamanca district, where all private banking activity and financial services for high net worth individuals in Spain are concentrated.
Madrid was chosen as the bank’s European headquarters after a study in which the firm’s managers also considered other major European capitals such as Amsterdam and Paris. For several reasons, Madrid was chosen: “The group knows Spain well,” says María Porta, CEO of the entity.
From the UK we had advised major Spanish family offices and British clients with wide-ranging interests in different sectors in Spain. The group also valued Madrid’s growth potential as a city and a pole of attraction for talent and the role of the supervisor, the CNMV, which “has been tremendously accessible and efficient”.