How Proaltus scaled from two families to 40 across three continents using Masttro
Proaltus Capital Partners consolidates data from nearly 30 banks in four jurisdictions for its multi-family office business that manages over $2.1 billion in AUM.
The challenge: consolidating data from banks across the globe
Proaltus operates as a multi-family office based in Madrid, with a presence in the United States, Mexico, Colombia, and the Middle East. Its model relies on financial advisors (known as partners within Proaltus) who bring their own clients to the firm. Each client family arrives with their own banking relationships in different countries.
Alberto Milagro, head of operations, describes it this way:
“As a multi-family office, our big problem was always consolidating and integrating all the data from all the banks.”
– Alberto Milagro, head of operations, Proaltus Capital AM
The more the firm grew, the more banks there were to consolidate.
“The growth we’re seeing in both partners and clients means we need a tool that integrates all of that information so we can then analyze it as efficiently as possible.”
– Alberto Milagro
Every new partner added clients, and every new client added banks, currencies, and data formats. With that as the starting point, Proaltus went looking for a tool that would enable the firm to scale efficiently.
The selection: two criteria
Proaltus evaluated several wealth consolidation platforms. The firm already operated in multiple geographies, which defined the first criterion: any wealth platform would have to connect securely with banks in multiple countries and add new connections as fast as the firm grew.
“We’re a multi-family office with offices in several countries: Mexico, Colombia, the United States, England at one point, and Spain. We wanted a tool with connections to multiple banks so we could consolidate all of that information.”
– Alberto Milagro, head of operations, Proaltus Capital AM
Each bank in each country delivered wealth data in its own format. One bank’s data couldn’t be added to, subtracted from, or compared against another’s. Proaltus needed a tool that could turn all of it into consistent, usable data. That was the first reason it chose Masttro.
Proaltus also had a second criterion: the platform had to treat alternatives as an asset class in its own right. That meant private equity funds, private credit, and direct investments needed to be recorded and analyzed alongside the rest of each family’s wealth, rather than in a separate spreadsheet.
Today, that criterion still shapes how the team works.
“We usually create the node manually and feed it ourselves with specific information, mainly because we need to do our own valuation. Often the bank hasn’t valued the alternatives correctly.”
– Daniela Pando, alternative investments analyst, Proaltus Capital Partners
Masttro met both criteria, and Proaltus began working with the platform in 2018.
How the team works today
The operations team is spread across Mexico, Colombia, and Spain and organized by specialty: alternatives, reconciliation, and data integration. That division of work shows up in how data flows through Proaltus, from the moment a new family comes on board until their wealth is captured in reports.
Every new family goes through the same onboarding steps, and the final timeline depends on how quickly each bank connects. Daniela Pando, from the alternative investments team, explains it this way:
“I’d say [it takes] about two weeks. Within a week we gather the information, create the node, request the client’s signatures, and contact the person who manages the account for confirmation.”
– Daniela Pando, alternative investments analyst, Proaltus Capital Partners
When a family invests directly in alternative assets, Proaltus doesn’t wait for the bank’s valuation. It creates the position in Masttro and assigns an appropriate valuation.
“If it’s a direct investment, we create the node directly in the Global Wealth Map so we can feed it ourselves, mainly because we need to value it in the most appropriate way based on the information available. Often the bank doesn’t have an up-to-date value of the alternatives.”
– Daniela Pando
Each month, when the banks publish their statements, the team checks them against what the platform shows. Jorge Campuzano, who handles reconciliation from Mexico, describes the process:
“We watch for when the bank’s information comes in so we can compare it line by line with the data feed Masttro delivers. That way we know that by the first week of the month, at the latest, we’re ready to send the client information that matches what the bank reports as closely as possible.”
– Jorge Campuzano, operations analyst, Proaltus Capital Partners
Under the Proaltus model, each partner handles the relationship with their client families directly. What each person sees in the platform is defined ahead of time: families see their own positions, and each partner sees only their own clients’ information. The operations team works from that same set of data in support of the partners and their clients.
“Today we can give every partner and every family a consolidated, up-to-date view of their entire wealth, something that used to take days of manual work with each bank’s statements.” – Alberto Milagro, head of operations
Results
Between 2018 and 2026, Proaltus grew from two families to about 40. Over the same period, its operations team expanded from one person to seven.
Today, the firm consolidates data from nearly 30 banks across four jurisdictions, a range of legal structures, and multiple currencies, including USD, EUR, MXN, COP, and CHF. As of the end of the second quarter of 2026, the Proaltus group managed more than $2.1B in assets.
Alberto’s advice to a multi-family office in the same situation
“First, I’d tell them to have everything very well structured at the organizational level: clients, banks, investments, and tax matters. Then I’d tell them to use a tool that fits their needs, because not all family offices are the same. Some specialize in alternative investments, and others only care that their basic banking information is correct.”
– Alberto Milagro
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