Swiss banking group UBS is set to establish a new Miami office to serve wealth managers in Latin America.
The new office will cater to boutique firms that lack the abilities of a large private bank, UBS Financial Intermediaries business head Stefano Veri stated, according to Finews.
“With the new hub UBS is tapping into potentially tens of billions of dollars managed by Latin American financial intermediaries booking assets in the U.S.,” Veri was quoted as saying by Bloomberg.
A similar move was reported at rival Credit Suisse last year.
Last October, Bloomberg reported that Credit Suisse is 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.
According to Bloomberg, the new Miami office of UBS will be initially staffed with six people, led by Mariana Gregori.
Plans are on to take the staff headcount in the office to 10 in the first year.
The news comes amidst a shake-up in the wealth management business of UBS, which is expected to result in 500 lay-offs.
As part of the restructure, UBS will break down EMEA private banking operations into three parts.
Notably, two months ago, UBS and Banco do Brasil signed a binding agreement to launch a new investment bank in South America. The new bank will offer investment banking and institutional securities brokerage services in the region, including Brazil.