When Alantra moved its investment banking headquarters to London in June — a rare post-Brexit vote of confidence in the City — Miguel Hernández uprooted his life in Spain and moved to the UK.
A 20-year veteran of the mid-market specialist, Hernández was promoted to run its investment bank in March. He has spearheaded an expansion strategy that has seen dealmaker headcount grow by 20% in the City over the past year and new offices opened in Europe and beyond.
Only an ardent cheerleader or keen industry observer would claim to know much about Alantra’s operations outside its home market of Spain as it kicked off an international push three years ago. But some high-profile hires from rivals including Morgan Stanley, HSBC and Perella Weinberg over the past 12 months have seen its profile rise.
No generalists
The move to London, to a brand new 20,000 square feet office at 25 Cannon Street, is part of its ongoing growth plans, Hernández told Financial News. The bank has poached from rivals despite a deal slump that has seen its larger competitors cut thousands of jobs.
“To be a truly international company, it makes sense to be based in London,” he said. “It is easier to find talent here, particularly the talent we want to hire, which is sector and product specialists. We don’t want to hire generalist bankers.”
READ Alantra shifts investment bank HQ from Spain to London in post-Brexit boost for City
Alantra’s UK employee numbers have swelled to 150, a 20% increase over the past year. It now has 380 staff globally, up 10% since it started its global expansion three years ago at the height of the pandemic.
The mid-market bank has stuck to its guns on expansion even as larger rivals have cut back. Senior hires include Michael Maag from Morgan Stanley to head up its Swiss business, Jan Caspar Hoffman from Moelis to lead in Germany and Pedro Urresti from HSBC as a managing director within its growing financial institutions group.
Alantra has not been immune from the deal slump that has forced rivals to cut scores of senior and junior bankers. In the first nine months of 2023, investment banking fees slipped 22% to €79.1m. Over the same period it cut variable compensation costs 58% to €13.5m.
But Hernández said that Alantra remains focused on growth regardless of the current market environment, and views it as an opportunity to pick up talent.
“We are moving into a new office in Germany next year, we are moving our Boston team into new premises and are looking at an opportunity for a new space in New York,” he said. “We are investing heavily in our corporate services too, our human capital team and technology, which will allow us to find the best people and equip them with the best tools.”
New frontiers
Alantra will look to expand in the US, with technology, cloud services and aerospace as key sectors.
In the UK, where it has added 10 senior dealmakers so far this year, the bank is focused on building out its technology and consumer teams. It is also looking to hire energy bankers and expand its debt advisory team.
Hernández said there was no room for passengers as the bank expands. All of its senior bankers are expected to bring in deals, and teams have been reorganised to focus on particular sectors globally. Even as chief executive of the investment bank, he remains focused on bringing in deals in the real estate sector.
“The market is tough right now, and I don’t expect a big change in the short term,” said Hernández. “Sometimes the need to make a strategic move doesn’t come at the best moment. If we want to build the company, we need to do it not thinking about whether this is the perfect moment or not in terms of profit and loss; we just have to do it.”
Want more on investment banking? Sign up to FN’s newsletter now
To contact the author of this story with feedback or news, email Paul Clarke
