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SpanishInterview with Alberto del Cid, CEO of Inversis
In the December issue of SFF Magazine, we have the privilege of talking to Alberto del Cid, a key player on the Spanish financial scene. Since 2020, Del Cid has been CEO of Inversis, a company that has, under his leadership, cemented its position as a leading provider of investment services in Spain. His strategic vision has driven a differentiated business model focused on innovation and commitment to clients.
Del Cid has more than thirty years of experience in the financial sector, more than two decades of which were spent at Banca March, where he headed up Finance as General Manager before joining Inversis. Previously, he was Deputy General Manager of Treasury and Capital Markets at Banca March and General Manager of March Asset Management. He also has teaching experience at the University of the Balearic Islands, where he has been associate professor in the Department of Business Economics and professor of International Finance in the Master of Business Administration programme.
In this interview, Alberto del Cid discusses Inversis’ most recent milestones, such as the opening of its Luxembourg branch, which bolsters its international strategy and expands its range of services for institutional clients.
The decision to open a Luxembourg branch marks an important milestone in Inversis’ history. What factors drove Inversis to make this decision at this specific time? What are the main benefits you foresee from this expansion for Inversis and its clients?
Over the last three years, Inversis has promoted its growth strategy both in Spain and internationally, with the aim of increasing its differentiated range of products and services. In this expansion process, Luxembourg is a key player and has been at the centre of the main transactions that Inversis has concluded in recent years. In 2022, Inversis acquired 40% of Adepa, a Luxembourg group specialising in managing and administering investment vehicles.
In 2023, it acquired the investment fund depositary business of Banque Havilland, a Luxembourg entity with a business portfolio of some EUR 3 billion. On 31 May, Inversis began operating in Luxembourg with the opening of this branch, from where the entity offers a comprehensive range of services to financial institutions wishing to develop their international product portfolio through Luxembourg-domiciled vehicles or to receive specialised securities services from here.
The Luxembourg branch will play a key role in Inversis’ international strategy, as it will allow it to expand its offering from Luxembourg to existing institutional clients served from Spain, and will serve as a business hub to serve international clients and incorporate new business streams in line with those that Inversis is developing in Spain.
I would also like to highlight Banca March’s support since it acquired 100% of Inversis in 2014. Our shareholder has played a key role in driving our international expansion by applying a “good to better” investment philosophy, which is an essential feature of the Group. With Inversis, it has pursued a twofold objective: to bolster it with technological and human resources and to expand it both within and beyond our borders.
Opening the Luxembourg branch is a significant step in its international strategy. How does this opening align with Inversis’ global vision?
Opening this branch is a key objective in Inversis’ international strategy, a strategy we have already pursued with the acquisition of the business previously owned by Banque Havilland, together with the business developed by Adepa, in which we have a 40 per cent stake.
With this value proposition, Inversis plans to quadruple the current direct business of approximately EUR 3 billion in terms of AuCs in depository services of the Luxembourg branch over a three to four year horizon.
This is without considering other business streams that could be developed from the Luxembourg branch by incorporating into its offering other products and services equivalent to those provided in Spain.
Last July, it was announced that Euroclear would take a 49% stake in Inversis, which will increase to 100% within three years. What will this mean for Inversis’ future?
Euroclear is joining Inversis with an initial 49% stake to accelerate the company’s growth and take it to a new level, with an ambitious plan that will double investments in technology and other aspects at Inversis over the next three years and that will increase its workforce by nearly 20%. With Euroclear as a shareholder, Inversis will strengthen its international reach and growth by accessing larger clients and exporting its business model to other markets. Euroclear is currently a group mostly present in Northern Europe. Inversis will bring to it a more pan-European presence, which will strengthen its role in the EU in the context of the discussions on the Capital Markets Union (CMU). Inversis will also be the incubator for Euroclear’s Mediterranean strategy.
The success of any expansion also depends on integrating the local team. What has been the approach to bringing in a specialised team?
I would like to highlight the importance that Inversis attaches to investing in talent in our constant quest for excellence and the quality of the service we provide. Having a highly specialised team is not only an advantage, but also a necessity in such a competitive environment. Encouraging training, continuous learning and collaboration among our experts is fundamental to maintaining leadership in our industry. This philosophy extends to our Luxembourg branch. Part of the Luxembourg team was already involved in the depositary business we acquired, with more than ten years of experience in providing investment vehicle services in Luxembourg. This team has been complemented by other highly specialised professionals from the parent company in Spain.
“I would like to highlight the importance that Inversis attaches to investing in talent in our constant quest for excellence and the quality of the service we provide. Having a highly specialised team is not only an advantage, but also a necessity in such a competitive environment.”
Inversis has distinguished itself for its comprehensive approach to the financial sector. In your opinion, what sets Inversis apart from other companies offering similar services in Luxembourg?
Inversis is currently the only Spanish firm in Luxembourg offering a complete 360º business solution to support institutional clients interested in developing their international product strategy from a leading financial centre such as Luxembourg.
We are able to offer an integrated value proposition that includes fund management and administration services through our partner ADEPA, custodian bank services from our Luxembourg branch, and a fund distribution service through our own fund distribution platform, through which our Luxembourg services clients can make their products available to the entire Inversis institutional client base.
“Inversis is currently the only Spanish firm in Luxembourg offering a complete 360º business solution to support institutional clients interested in developing their international product strategy from a leading financial centre such as Luxembourg.”
The collaboration with Adepa is an interesting aspect of your strategy. How will this partnership be reflected in Inversis’ service offering? What are the advantages of this collaboration?
Our strategic alliance with ADEPA allows Inversis to offer the market a truly global solution. A solution where clients can benefit from the ManCo, fund administration and other services provided by ADEPA, together with the custodian bank services offered by our Luxembourg branch and a distribution solution for marketing funds through Funds Globe, Inversis’ fund distribution platform.
ADEPA also has extensive experience in Luxembourg, and it is always beneficial to join forces in such a competitive environment.
The projection to double the depository business portfolio in the next 18 months is ambitious. What strategies will be implemented to achieve this growth?
Inversis currently serves more than 150 institutional clients, mainly in Spain but also in other jurisdictions, and manages more than EUR 100 billion in assets under custody. We firmly believe that we can achieve this goal by building on the initial business portfolio we have acquired (of approximately 3 billion), and especially on our existing business and customer base. Whether it is by promoting new business in Luxembourg or capturing existing business in Luxembourg from our existing clients, as well as attracting new clients through our new international offering.
This projection does not include possible additional business streams that could be developed through the Luxembourg branch, incorporating other products and services equivalent to those offered in Spain.
Finally, at such an important time for Inversis, what excites you most about this new chapter for the company and its Luxembourg team?
There is no doubt that Luxembourg is widely recognised internationally as one of the leading financial centres, especially in the fund industry. We are confident that our institutional clients will be interested in boosting their product strategy supported by our new capabilities in Luxembourg, combining the key role that investment funds play in our institutional business portfolio with Luxembourg’s attractiveness as a country for domiciling these products.
Luxembourg is a highly competitive financial centre and developing business here is a challenge in itself, as we have to compete with the offerings of well-established competitors. But this competition drives us to pursue our goals. This is the way it has been since the very start, as a company built entirely from scratch in a sector dominated by giants.
Our differentiated offering and client-centric approach resonates particularly well with those seeking customised services, which are often difficult to offer from large firms that tend to focus on standardisation and internal efficiency.
