The experts of the sector, however, celebrated yesterday that the Executive finally did not include this limitation in his announced decree. “This could have encouraged the underground economy, limiting the rental offer,” Tattoo Pain Chart director of studies, Beatriz Toribio, explained to ABC, who also lacked “measures that grant legal security to the owners.” José Luis Ábalos, minister of promotion, announced on Friday the package of measures that integrate the new law of urban leases.Among the new keys, one of the most important is that the mandatory extensions will go from three to five years and tacit from one to three.
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The insurer chaired by Ignacio Garralda has acquired 50.01% of Alantra Wealth Management, the private banking division of investment bank Alantra, and therefore taken control of it by 23.75 million euros, a price that could rise to 30 millions based on a variable payment. The operation will allow the mutuality, which had been exploring the Spanish market for some time in search of a transaction like this, to exceed 8,000 million euros of assets under management.
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The strategic plan for the period 2018-2020 of Mutua Madrileña already contemplated the growth of Mutuactivos, its asset manager and key player in that plan, both for the acquisition of new clients and business and through corporate operations. With the acquisition of Alantra Wealth Management, Mutuactivos will add 1,700 million under management to its current portfolio of 6,600 million in investment funds, pension plans and savings insurance.
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«This purchase transaction is of special interest to us because it allows us to enter a business segment, such as private banking, in which we were not present. It is an opportunity that fits with Mutua’s growth strategy for the coming years, which include strengthening the presence of Mutuactivos and boosting its financial and asset advisory business, “said Garralda.
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One of the conditions that the insurer had set was to acquire a manager with a large distribution capacity. Alantra has a strong presence in the northern part of the country, mainly in the Basque Country and Navarra, and specializes in advising large estates through private bankers.
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The current team of Alantra Wealth Management, made up of 50 people, led by Alfonso Gil and who will join the team of 130 professionals of Mutuactivos, will continue to promote the development of the private banking business, in which Mutua has not yet operated, with the opening of new offices, the reinforcement of their human and technological resources and their capacities, as the group explained in a press release.
The deposit will be limited to a maximum of two monthly installments and the landlord will be responsible for the costs of real estate management and formalization of the contract. This new law will come into effect the day after its publication in the Tattoo Pain Chart and will not be retroactive. Mutua Madrileña reinforces its presence in the business of asset management.