Swiss banking group UBS is planning to establish a new Miami office to serve wealth managers in Latin America.
The office will start with six employees and offer services to boutique firms that do not have the capabilities of a large private bank, Stefano Veri, head of UBS's Financial Intermediaries business told Bloomberg. UBS plans to hire as many as 10 employees in the first year for the effort, which is overseen by Mariana Gregori.
"With the new hub UBS is tapping into potentially tens of billions of dollars managed by Latin American financial intermediaries booking assets in the US," Veri said.
Mariana Gregori told Finews: "We expect some very dynamic growth". The Miami branch will generate between 20% and 30% of FIM International's business, according to the plan of the bank. An expansion into other jurisdictions is under consideration, but UBS first wants to take advantage of Latin American clients proximity to and penchant for the US market.
Miami has become a key hub for wealthy Latin Americans seeking to shelter assets from turmoil at home, making it one of the fastest-growing recipients of offshore capital in the world. . UBS already has a global wealth management office in Miami.
Last October, Bloomberg reported that Credit Suisse was considering a return to the US wealth management space. According to the report, the bank intends to launch a Miami base to lure wealthy Latin America clients.