Compass Group plans to open an office in Miami in a move that will allow the Chilean firm to tap into the market’s wealth segment.
The firm, with headquarters in Chile and the US, will use the South Florida location to distribute funds to the intermediary market following as it bolsters its presence in the region, Compass said in a press release.
Compass currently has offices all through Latin America, including Chile, Colombia, Argentina and Mexico, and oversees $38bn of assets under management through their own funds and third-party products. It has also recently opened offices in Sao Paulo, Brazil.
It is also closing its Panama office, a move similar to Julius Baer, concentrating its broker-dealer clients out of its New York location, according to the statement. The international investment services offered from Panama will now be given from the company’s Uruguay location.
Compass plans to set up a local asset manager and a distribution team to offer third-party products to institutional, intermediary and family office clients in Brazil, and it is looking to move two analysts from its Chile location to the São Paulo office.
“We see the Brazilian market as a great opportunity,” Jaime Martí, chief executive of Compass Group said in a statement.
“The Compass Group will keep its focus and commitment with Latin America, offering clients its 23 years of experience in investing and the work of 300 employees that manage over $38bn of AuM, advisory and distribution,” he added.