ALENA SA/NV

Overview

ALENA SA/NV is a Belgian public limited company established in 1999. Its principal activity was discretionary portfolio management for clients, supported by a collective investment structure and selected execution and custody partners.¹²

History

ALENA was formed by private investors who contributed their expertise to clients. Its reference shareholders participated in governance and were also clients of the firm.³

On 4 December 2025, ALENA integrated Montaigne Capital’s Belgian branch. The branch took over discretionary management of Belgian client portfolios, while Alena Invest remained managed by Benoît Delahaut and Hugo Druenne.⁴

Timeline

1. 1999ALENA SA/NV is a Belgian public limited company established in 1999.
2. 2025On 4 December 2025, ALENA integrated Montaigne Capital’s Belgian branch.

Leadership

Benoît Delahaut joined ALENA in 2010 and later became responsible for multi-management. Hugo Druenne joined the firm in 2023 as a financial analyst.⁵

Services

ALENA provided discretionary portfolio management and collective portfolio management. Its process involved selecting managers globally to build diversified portfolios aligned with client objectives.²³

Clients were invested almost exclusively through the Luxembourg SICAV Alena Invest, which ALENA promoted and managed. The SICAV had three compartments investing in third-party funds.²

The firm also offered limited custody, along with order reception and transmission services for individual shares and bonds. ALENA used external financial intermediaries for order execution and selected custodians through evaluations of cost and service intended to benefit clients.²

What the firm offers

• Investment management

Client Focus

ALENA’s services were designed for clients seeking professionally managed, diversified portfolios aligned with their investment objectives. The firm’s shareholder structure also connected its reference shareholders with the client base.³

Approach

ALENA stated that its investment approach emphasized diversification, prudent allocation and manager selection tailored to each client’s investment objectives.³

FAQs

Related resources

• LocationMultifamily offices in Belgium

  This page gives context on multifamily offices operating in Belgium, helping a family or business owner compare local approaches to investment management. It can clarify how a Belgian firm serving regional clients may fit within a broader review of manager-selected, diversified investment solutions.

• GuideMultifamily office services

  This resource outlines the services a multifamily office may provide, with attention to investment management and related planning needs. A reader can use it to consider which capabilities matter when assessing a Belgian portfolio management firm for family or business assets.

• GuideHow to choose a multifamily office

  Use this guide to structure questions about investment philosophy, manager selection, reporting, fees, and client fit. Those points can help a prospective client assess whether a firm focused on diversified investment solutions matches the needs of a family or business owner.

• GuideThe annual MFO review

  The annual review provides a recurring reference point for understanding developments among multifamily offices and their services. Reading it alongside this profile may help a Belgian investor track changing practices in portfolio management and refine questions for an initial discussion.

• Similar firmsAscot Investments
  Phoenix Capital
  Portolani

  Profiles of Ascot Investments, Phoenix Capital, and Portolani offer nearby comparisons within the site's coverage of investment focused firms. Reviewing their stated services, regions, and client orientation can help a reader place ALENA SA/NV within a wider set of possible firms.

Sources

1. Belgian Financial Services and Markets Authority, ALENA
2. ALENA, RTS Report 2022
3. ALENA, Conflict of Interest Publication
4. Montaigne Capital, Finalisation of the rapprochement between ALENA and Montaigne Capital
5. Montaigne Capital, Company

Claim or correct this profile

This profile is a factual summary written in our own words from public sources. It is for information only. It is not an endorsement, rating, ranking or recommendation, and it is not investment advice. MultiFamilyOffices.com is not affiliated with the SEC or with this firm unless stated. Form ADV figures are self-reported by the firm.