LarrainVial has announced a significant restructuring of its wealth management leadership, signaling a strategic pivot toward a more executive-led operational model. The firm revealed the departure of Gonzalo Córdova, the general manager of wealth management and a partner at the parent company, who exits after a tenure of 24 years.
The transition is not limited to the top post. Partners Cristián Cardone and Sebastián Wenz, who served as directors supporting Córdova, are also leaving the division. According to internal communications, both executives will remain with the firm while awaiting reallocation to other roles.
Taking the helm of the division is Diego Lecaros, previously the unit’s regional manager, alongside Gonzalo Silva, CEO of the multifamily firm Alcalá. This appointment places the gestión patrimonial de LarrainVial under the leadership of an executive widely regarded as a trusted confidant of Leonidas Vial.
A Strategic Shift Toward Executive Management
The reshuffle is part of what the firm describes as a “new stage,” intended to move the wealth management arm toward a more “executive role.” This shift suggests a move away from traditional partnership-led oversight toward a structure focused on operational efficiency and scalable growth.
A primary objective of this new leadership team is the pursuit of international expansion. LarrainVial has explicitly indicated a focus on growth across Latin America, leveraging the regional expertise of the incoming leadership to capture new markets and diversify its client base outside of Chile.
The appointment of Diego Lecaros is particularly noteworthy given his history with Leonidas Vial’s personal financial interests. Before this promotion, Lecaros served as the executive director for Vial’s financial vehicles, ST Capital and Fynpal, and held a seat on the board of the real estate consultancy Grupo Casal.
Lecaros is a long-term veteran of the firm, having joined the wealth management area in 2005. Since 2012, he has been the primary architect of the division’s regional expansion, making him a natural choice to lead the firm’s current international ambitions.
Analyzing the Wealth Management Portfolio
The leadership change comes at a time of fluctuating client numbers but steady asset growth. By the close of 2025, LarrainVial reported US$ 10 billion under administration, managed for a base of 28,000 clients.
While the total assets under management (AUM) have seen a modest increase, the firm has experienced a steady decline in its total number of individual clients over the last three years. This trend suggests a strategic shift toward higher-net-worth individuals, where fewer clients are bringing larger volumes of capital into the firm.
| Year | Assets Under Management (USD) | Number of Clients |
|---|---|---|
| 2023 | $9.5 Billion | 35,000 |
| 2024 | $9.5 Billion | 30,000 |
| 2025 | $10 Billion | 28,000 |
The data indicates that while the firm lost approximately 7,000 clients between 2023 and 2025, the total capital managed increased by $500 million. This consolidation of wealth suggests that the “executive role” mentioned by the firm may be designed to optimize the management of these larger, more complex portfolios.
Implications for the Latin American Market
The appointment of Lecaros and Silva represents a convergence of wealth management and specialized investment vehicles. With Silva bringing experience from the multifamily sector via Alcalá, the firm is better positioned to integrate real estate and alternative assets into its wealth strategies.
For clients and stakeholders, the transition marks the conclude of an era defined by Gonzalo Córdova’s two-decade influence. The move toward an “executive” team typically implies a more standardized, process-driven approach to asset management, which is essential for the international scaling the firm is now targeting.
The regional expansion strategy is expected to focus on emerging wealth hubs in Latin America, where the demand for sophisticated wealth management and cross-border investment strategies is rising. By installing a leader who has managed Leonidas Vial’s own financial interests, the firm is signaling a high level of trust and a desire for tight alignment between the firm’s corporate strategy and its founding family’s vision.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice.
The firm is now expected to outline its specific regional targets and the timeline for its Latin American expansion in upcoming corporate filings and investor updates. The reallocation of partners Cristián Cardone and Sebastián Wenz within the firm remains the next internal checkpoint to watch.
We invite our readers to share their perspectives on this leadership transition in the comments below.
