Mirabaud opens wealth offices in Uruguay

Pedro Gonçalves
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Mirabaud opens wealth offices in Uruguay

The Swiss group Mirabaud has ramped up its operations in Latin America with the launch of  two wealth management offices in Montevideo, Uruguay.

The first, Mirabaud Advisory, will cater to Uruguayan residents, and the second, Mirabaud International Advisory, will serve clients from other Latin American countries, particularly in the Southern Cone, according to Citywire Americas.

Both Uruguay firms will be managed by the group's Southern Cone co-head Fabio Kreplak with the support of Thiago Frazao, Mirabaud's head of Latin America. Kreplak's fellow Southern Cone co-head, Geronimo Escudero, will continue to manage clients from Switzerland.

Mirabaud has been building a present in the LatAm market, first with the acquisition of São Paulo-based investment manager Galloway in Brazil and then by inking a private banking deal with Buenos Aires wealth manager Silver Cloud Advisors.

The Uruguay operation currently employs two people. The group plans to hire more relationship managers, which should bring its Montevideo-based staff to six people in 2019, according to a statement. 

The group previously served Latin Americans out of Switzerland and Spain, and with the new offices, however with the LatAm expansion it is aiming to be closer to its clients.