• A branch has opened in Madrid, another will open soon in Barcelona, and branches are expected to be opened progressively in other cities in Spain.
• The new business has an open architecture system, and will offer MAPFRE and third-party products.
MAPFRE, a specialist in long-term savings solutions, managing almost 60 billion euros, introduces MAPFRE ASSET MANAGEMENT today, a new business for new and current clients, through which the company will offer financial investment solutions that will allow clients to earn profits on their savings – a growing challenge in a zero interest rate environment that requires more and more specialized management.
Products will be sold through MAPFRE’s own network, as well as a specific MAM branch that is being opened today in Madrid, with 16 professionals. Another branch is expected to open soon in Barcelona. Additionally, the project includes the opening of new wealth management branches in other cities in Spain, as business develops.
The business model will have open architecture, which means that MAM will sell financial savings products from other companies, allowing MAPFRE to offer all types of investment solutions: national and international funds, pension plans, securities, bonds, options, recommended portfolios, etc. The client will have access to a platform with more than 15,000 mutual funds from the best managers in the world, which they can subscribe, transfer and/or redeem completely dynamically.
“In a highly bank-based environment, MAPFRE maintains its insurance company perspective and its commitment to global client assessment”, explained José Manual Inchausti, CEO of the MAPFRE Iberia Region comprising Spain and Portugal. “We are going to manage wealth with an open architecture, which means that we will always look for the greatest benefits for the client, independent of the issuer of the financial product.”
Among the services that MAM will offer its clients are profiled portfolios, discretionary portfolio management, financial planning, market analysis, a mutual and pension fund platform, savings insurance and online brokers.
MAPFRE is a global insurer with physical presence on every continent. It is a benchmark company in the Spanish insurance market, the leading multinational insurance group in Latin America, and one of the top ten European groups in premium volume. MAPFRE has more than 38,000 employees and approximately 34 million clients worldwide. In 2015, revenue exceeded 26.7 billion euros and net profit stood at 709 million.