Geneva-based Mirabaud has wholly acquired its Spanish subsidiary, Mirabaud Finanzas Sociedad de Valores, as part of its international expansion plans. 

The CNMV-approved agreement completes the process of integrating the two entities, which began in 2010 when Mirabaud took a 25 per cent interest in the capital of the Spanish broker-dealer Venture Finanzas, the name of which was changed to Mirabaud Finanzas in 2010, the firm said in a statement. 

“Our growth target for Spain is in line with our targets for the rest of the group, namely 10 per cent a year for assets under management,” said Antonio Palma, partner and chief executive of Mirabaud.

"From the start of our collaboration, Mirabaud has been a solid and constructive partner," added Alejandro Pérez Calzada, chief executive of Mirabaud Finanzas. 

Mirabaud’s European presence spans across Spain, France, Luxemburg, the UK and Switzerland. Over the past 20 years it has opened 13 additional offices, the firm said. 

There are also “huge opportunities” for the firm’s Latin American sector, said Palma. “Spain is a very attractive market, as there are still very sizeable fortunes to be invested, in spite of the crisis,” he said.

At the end of last year, Mirabaud had nearly €20 billion ($30.7 billion) ih assets under management.