STORIES | INFLUENTIAL PEOPLE
The Silent Banker: Julio M. Herrera Velutini
A large banking empire, and one of its last descendants, is changing the modern day Investment Banking ecosystem.
Investor Relationships | Private Banking
Special Arrangement | February 07, 2022
Synopsis
Julio M Herrera Velutini hails from a lineage that established a Central Bank and an independent national currency.
His ancestor, Julio César Velutini Couturier, ran Banco Caracas, at a time when banks printed their own currencies. He played a major role in the growth of Banco Caracas. He centralised control of the institution’s stock and oversaw the printing of money, which Banco Caracas did, up until the establishment of the Central Bank of Venezuela (circa 1940).
The Herrera & Velutini family has had a strong influence on Venezuelan and Latin American history since the time of José Antonio Velutini Ron – a politician, congressman, diplomat and President of Venezuelan between 1871 and 1912.
His family has always influenced the Venezuelan Banking and Real Estate Industry. In 1590, Julio Herrera’s family founded the Hacienda de La Vega in Caracas, one of the first properties owned by the House of Herrera in Latin America.
The family founded Banco Caracas in 1890, and later, chaired the institution. Over the next hundred years, future family members were either Chairmen or Senior Directors of Banco Caracas, right until its sale in 1998. The Velutini family retained majority control of Banco Caracas until 1989, holding a 70% stake in the institution. The Velutini family then went on to found other banking enterprises, including Banco Bolivar, Banco Activo, and Banco Real.
Julio M Herrera Velutini is a soft-spoken and highly-connected billionaire who owns one of the most privileged investment banks in the Western Hemisphere– Britannica Global.
Mr. Velutini is Director and Board Member of multiple banks and financial institutions in Europe and Latin America.
As a financial industry executive with extensive banking and start-up experience, Julio has worked towards advancing the financial economies of Latin American countries and its people, throughout his career. He continues his family's two-century-long legacy of banking innovation and leadership, with great responsibility and sincerity. He grew up in the corridors of his ancestral bank, rather than at his home.
Julio M Herrera Velutini hails from a lineage that established a Central Bank and an independent national currency. His ancestor, Julio César Velutini Couturier, ran Banco Caracas, at a time when banks printed their own currencies. He played a major role in the growth of Banco Caracas. He centralised control of the institution’s stock and oversaw the printing of money, which Banco Caracas did, up until the establishment of the Central Bank of Venezuela (circa 1940).
The Herrera & Velutini family has had a strong influence on Venezuelan and Latin American history since the time of José Antonio Velutini Ron – a politician, congressman, diplomat and President of Venezuelan between 1871 and 1912.
His family has always influenced the Venezuelan Banking and Real Estate Industry. In 1590, Julio Herrera’s family founded the Hacienda de La Vega in Caracas, one of the first properties owned by the House of Herrera in Latin America. The family founded Banco Caracas in 1890, and later, chaired the institution. Over the next hundred years, future family members were either Chairmen or Senior Directors of Banco Caracas, right until its sale in 1998.
The Velutini family retained majority control of Banco Caracas until 1989, holding a 70% stake in the institution. The Velutini family then went on to found other banking enterprises, including Banco Bolivar, Banco Activo, and Banco Real.
Julio M Herrera Velutini narrates an incident that happened at Banco Caracas:
"A group of Portuguese entrepreneurs had applied for a line of credit with the bank, to kickstart their new business. When talking about the type of collateral they could offer, the entrepreneurs surprisingly asked if they could pledge their hard work and their sound morals, instead.
Banco Caracas, without a moment's hesitation, gave the group a credit line based on good faith. The bank gained a loyal client, but the nation, got its most important business conglomerate."
"Old Money" A bank note issued by Banco Caracas in 1916. Julio César Velutini Couturier, founded Banco Caracas, at a time when banks printed their own currencies.
Julio M. Herrera Velutini had spent most of his childhood in New York. He later studied at The American School in England (TASIS England) and The American School in Switzerland (TASIS). He later went back to Venezuela to pursue his university degree at the Universidad Central de Venezuela.
Julio M Herrera Velutini started his career as a stockbroker in 1991 at the Caracas Stock Exchange in a brokerage firm called the Multinvest Casa de Bolsa. Eight years later, at the age of 28, he was already an internationally influential bought out shareholders, including that of George Soros's family holding, to become the majority shareholder at the firm, of which he was a board member.
In the same year, he became CEO of Inversiones Transbanca, and Transban Investment Corporation (A family holding that spun off from the sale of Banco Caracas), becoming one of its major shareholders. This paved the way to becoming senior director of large companies, such as Kia Motors of Venezuela, BMW of Venezuela, BBO Financial Services, Transporte de Valores Bancarios de Venezuela (Securities Transport firm), Banco Activo, Banco Comercial, and Banco Real. At the age of 29, he became the Co-Chairman of the Board of Directors of Bolívar Banco Universal.
By 2007, along with the Board of Directors of Inversiones Transbanca, and his partners, Jose Herrera Velutini and Bélen Clarisa Velutini, Julio M. Herrera Velutini had acquired companies such as Caracas Casa de Bolsa, IBG Trading, Banco Real and Banreal International Bank, recovering what once was a family holding.
He served as Chairman of the Board of Banco Real, and Banreal Holding, from early 2007 till February 2009.
In late 2009, he founded Bancredito International Bank, and also the Bancredito Foundation in the United States. Towards the beginning of 2012, he founded Britannia Financial Group in London and in Switzerland. He also currently sits as a Member of the Board on several other corporations.
In 2009, Julio M. Herrera Velutini founded Bancredito in Puerto Rico, a bank dedicated to Private Banking, Corporate Banking and Institutional Banking with clientele mostly from Latin America. Bancredito has more than a hundred employees, and over $60 million in capital. Currently, he is Chairman of the Board.
He founded Consultiva Holding in 2017, which now owns 95 per cent interest of Consultiva International, Inc., an investment advisory firm registered with the Securities and Exchange Commission, which provides independent investment advisory services for individuals, family offices, and also moderates investments in pension plans, state government entities, endowments and foundations, among others.
As of December 2017, it had over $3 billion US dollars of privileged assets in management.
Presently, he serves as the Chairman of Britannia Financial Group, a holding company based in London. Britannia Financial Group is a multi-national conglomerate that owns other financial groups and companies which provide bespoke financial services to high-net-worth individuals and other niche clients, in niche markets. The Britannia Financial Group is also a centralised holding for its assets in the UK and the Middle East, including Britannia Capital Markets Limited (UK), Britannia Wealth Management (Switzerland), Britannia Bank and Trust, Britannia Securities (Bahamas), Britannia Global Investment (UK), Britannia Global Payments (UK), Britannia Global States (UK), Britannia Capital Markets (MENA Region).
Britannia Global Markets Limited, is an FCA-Authorised Securities Broker in London, since its acquisition in October 2018. The firm provides multi-asset execution capabilities to high-net-worth individuals, professional investors, institutional investors, and eligible counter-parties.
Julio M. Herrera Velutini also acquired London-based Berkley Futures, an FCA Authorised Securities Broker in 2019. Berkley Futures was founded in 1980, and is a bespoke, all-encompassing brokerage house that offers clients the ability to trade in a multitude of markets worldwide, specialising in Futures, Options, Contracts for Difference (CFDs), Bullions, Forex, and Equities. Berkley Futures is a member of the Dubai Gold and Commodities Exchange (DGCX), the London Stock Exchange, FIA Europe, and a Category 2 Member of the London Metal Exchange (LME).
Julio M. Herrera Velutini is a Director of Britannia Bank & Trust, a privately-held bank, regulated and licensed by the Central Bank of The Bahamas, providing customised banking and trust services to meet the needs of its international clientele.
He is also Director of Britannia Securities, regulated by the Central Bank of Bahamas, and the Securities Commission.
Julio M. Herrera Velutini ardently supports various causes towards the protection of animals, via The Lazarus Foundation, an animal rescue centre that he founded, in London. He also runs The Britannia Foundation, which offers two programmes for students – an internship programme, for scholars who need to work while studying, and another for artists and young professionals which assists in raising seed capital for developing their business ideas.