The traditional banking model, based on the mass distribution of standardized financial products, now coexists with the rise of independent boutique firms that prioritize specialization, exclusive access to exclusive products, and direct relationships with clients. This transformation is not a perception, but a trend backed by official data and recent sector analyses.
According to the U.S. Securities and Exchange Commission, the number of firms registered in the United States as Registered Investment Advisors (RIAs) rose 35% between 2009 and 2023, surpassing 15,400. In the same period, assets under management in this segment grew 227%, reaching $128.8 billion.
In the Spanish market, non-bank asset managers have steadily increased their share of assets under management, now accounting for roughly 10% to 15% of the total, after several years of double-digit net inflows, according to the latest reports from the Association of Collective Investment Institutions and Pension Funds (Inverco) and the statistical bulletins of the National Securities Market Commission (CNMV). And reports by Boston Consulting Group and PwC also point to greater market fragmentation and a growing preference for independent and specialized models.
What a Boutique Model Entails
In this scenario, Hossegor Invest operates, a Spanish private equity firm based in Bilbao, specializing in corporate transactions and exclusive off-market investments. Its boutique model is based on limited quotas, coinvestment with the client, and enabling clients to access opportunities historically reserved for large fortunes and institutions.
«The market is evolving toward more agile and specialized structures because the investor is no longer seeking product; they seek access, clarity, and real guidance at every decision. And this is not our perception; it is supported by the findings of the Global Wealth Report by Boston Consulting Group, which identifies a growing demand for non-standardized solutions in the middle- and high-net-worth segments», says Javier Conde, co-founder of Hossegor Invest.
Hossegor Invest structures its activity along two verticals: corporate operations in the small- and mid-sized industrial environment and access to off-market alternative investments, such as exclusive access to very specific pre-IPO opportunities in the United States or the Formula 1 ecosystem. «We do not compete in volume or in mass distribution. Nor do we want to. Our edge is rigorous selection and direct dedication to each client and in every operation», says Pablo Barriocanal, CEO of Hossegor Invest and the other co-founder of the company.
One of the elements that differentiates the boutique model from traditional investing is the direct alignment between the firm and the investor. While many traditional entities act mainly as product distributors, independent structures tend to coinvest in the same deals they offer to their clients, thereby reinforcing strategic coherence and shared commitment.
«The Global Asset & Wealth Management Survey, PwC, underscores that trust and transparency have solidified as decisive factors in choosing a financial provider, especially after periods of volatility and uncertainty. And in the case of Hossegor Invest, coinvesting alongside clients is a structural part of our business model. We invest with our clients, and that changes the relationship completely because we share goals with them», says Javier Conde.
