Julio Herrera Velutini

Julio Martín Herrera Velutini (born 15 December 1971) is an Italian-Venezuelan billionaire businessman and founder of Britannia Financial Group. He comes from one of the 20 Mantuan families that ruled the city of Caracas since the 17th century (Los Amos del Valle) and remains the largest landholder in Venezuela. The Herrera Velutini family helped establish the Central Bank of Venezuela, founded the Caracas Bank, and created an independent national currency. He is the Pater familias of a family fortune estimated at $1.8 billion.

Early life and family 

Velutini was educated at The American School in England (UK), La Scuola Americana in Svizzera (Switzerland), and at the Central University of Venezuela (graduated in 1990). With more than 30 years of experience in the world of banking and finance, Julio Herrera Velutini represents the seventh generation of bankers in his family.

The Herrera Velutini family is one of the largest landowners in Venezuela. Its history dates back to 14th century Spain in the Kingdom of Castile, where it began with Pedro de Herrera y Rojas, Lord of Ampudia and the House of Herrera, to consolidate a dynasty of landowners, conquerors, merchants and later, bankers with influence in Spain, the Canary Islands, Latin America, Germany and England. It has also marked its influence in trade and fashion in Spain, North and Latin America, and more recently in the United Kingdom and other countries. Most of the family wealth comes from the inheritance of the family's business and activities in the field of finance, banking and real estate since the 14th century.

His family tree includes José Herrera Uslar, Venezuelan ambassador to Sweden, who in 1950 promoted the adoption of children orphaned by World War II. Herrera Uslar organized the transfer of 1,000 orphaned refugee children from Switzerland who would arrive in the country in batches of 50 and would be taken to the colony of Catia La Mar, where they would remain while being adopted by Venezuelan families.

Also noteworthy is José Antonio Velutini Ron, Venezuelan military officer, politician and diplomat, who served as Congressman, President of State, Ambassador, Minister and Vice-President of the Republic at the beginning of the 20th century. He received numerous decorations for his political and military achievements.

Career

In the early 1990s he began working at the Caracas Stock Exchange with Multinvest Casa de Bolsa, where he was a member of the board of directors until 1998. That same year he became CEO of Transban Investments Corp, becoming one of its main shareholders and senior manager of companies such as Kia Motors of Venezuela, BMW de Venezuela, BBO Financial Services, Transporte de Valores Bancarios de Venezuela (securities transport company), Bolivar Banco Universal, where at the age of 29 he was Chairman of the Board of Directors.

In the early 2000s, he acquired companies such as Caja Caracas Casa de Bolsa and IBG Trading (USA). In 2006, together with Transbanca's financial executive train and his partners, he acquired control of Banco Real and Banreal International Bank. Until February 2009, he was Chairman of the Board of Directors of Banco Real, and Banreal Holding (Spain), which he subsequently sold due to economic and political instability and the deterioration of Latin America; he also held management positions in Banco Activo Banco Comercial.

In 2008, with an investment of $5 million, which led to a capital of over $60 million and assets under management of some $600 million, he founded Bancredito International Bank & Trust Corporation (Bancredito). He also created the Bancredito Foundation and Bancredito Financial Services. In 2016, the Bancrédito Group expanded with the acquisition of Consultiva Wealth Management, an investment advisory firm registered and regulated by the Securities and Exchange Commission (SEC), located in Puerto Rico and New York.

In 2012 he started a European financial group and founded Britannia Wealth Management in Geneva, Switzerland, an asset management firm, member of the Association Suisse des Gérants de Fortune (ASG). In 2016 he founded Britannia Financial Group (BFG) also in banking, securities, consulting and investment management. Britannia Financial Group is a shareholder in a number of financial institutions around the world.

Intermedia Limited, another company of which he is owner and shareholder, owns the Miami, Florida-based Diario Las Américas. Herrera Velutini holds positions as a board member of numerous other international corporate and financial services banks.

In August 2022, Herrera Velutini was accused of illegally financing former governor Wanda Vázquez Garced's election campaign based on a quantitative and qualitative survey commissioned in 2020 to the private company City Group London to study the pre-electoral panorama in Puerto Rico. Vázquez Garced's lawyer stated that the survey that led to the indictment of both the banker and Vázquez Garced was not prepared for her benefit. Upon learning of the indictment, Herrera Velutini voluntarily presented himself to the authorities and pleaded not guilty. He has recently retained the services of Stryk Global Diplomacy, a Washington-based firm specializing in providing strategic advisory services, facilitating interactions with the U.S. government, and advocating for its client's interests on various issues, to advise him on this case.

References 

Venezuelan bankers
Living people
1971 births