UBS is planning a new office in Miami to work with Latin America-based financial intermediaries, according to news reports.
The new office will be in addition to UBS’ existing global wealth management office in the city, Bloomberg writes.
While it’s part of a broader push at Swiss-based UBS to grow business in the U.S., the new office initially will not serve the domestic U.S. market, according to the news service. Instead, it will offer services to boutique Latin American wealth managers that may not have the resources of a large private bank, said Stefano Veri, head of UBS’ Financial Intermediaries business, according to Bloomberg.
“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 said, according to the news service.
The office will be staffed with six employees initially, overseen by Mariana Gregori, but the company plans to bring on up to 10 staffers during the first year of operations, Bloomberg writes.
Swiss online news service Finews first reported the new office, according to the news service.
UBS has been revamping its wealth management operations under Iqbal Khan and Tom Naratil, the firm’s co-heads of wealth management. The company is currently considering a restructuring initiative aimed at giving more autonomy to regional units, but the move could result in layoffs of up to 500 positions globally, Bloomberg writes.
UBS lost hundreds of U.S. advisors last year, but Naratil has said the unit can become twice as profitable with even fewer advisors than it has now by focusing on wealthier clients and more productive advisors.
The company’s new Miami office, however, may be facing competition from its Swiss-based rival Credit Suisse, which left the U.S. wealth management business in 2015 but is now considering opening an office in the city as well, Bloomberg reported last year.