Swiss multinational investment bank UBS is opening a new outpost in Miami in order to better serve Latin American wealth management firms.
According to a report from Finews, South Florida is being “inundated with assets from Latin America,” making it extremely appealing to wealth managers and lawyers. The new UBS office will serve as a “hub” for the company’s dealings with the region, with one UBS representative estimating tens of billions of dollars of potential assets at stake.
The operation will start with six employees and add up to 10 more in the first year. It will be located in Coral Gables–not far from where ComReal is currently headquartered. The hub will focus primarily on financial intermediaries with Latin America and won’t target the domestic U.S. market for now (UBS already has a global wealth management office in Miami).
The announcement comes with the news that Credit Suisse is also considering a similar move, a sign of Miami’s ongoing significance as a banking hub for the region. According to Bloomberg, Miami is one of the fastest-growing recipients of offshore capital in the world. A Credit Suisse base in Miami would mark the company’s return to private banking in the U.S. after its exit in 2015.
UBS said that the decision was based on their compliance rulebook, and that they are very comfortable with the robust examination methods that pointed them toward Miami.
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