Swiss private bank Mirabaud has primarily expanded in Europe until now. The Genevan wealth manager is snapping up a Brazilian asset manager in order to expand in South America.

Mirabaud is buying Sao Paolo-based asset manager Galloway, a seven-person investment boutique, the Swiss bank said in a statement on Thursday. Financial details of the transaction weren't disclosed.

The move, while tiny, is significant because it gives Mirabaud its first branch in South America. Galloway is primarily specialized in emerging market debt. The unit will be led by Mirabaud fixed income headAndrew Lake and Daniel Moreno, head of emerging market debt.

Lake and Moreno are both part of Mirabaud's asset management activities in London. Galloway will be rebranded into Mirabaud.

Strategic Growth

Latin America is a strategic market for Mirabaud. The bank said its client ranks in the region are «growing steadily every year,» without elaborating on assets under management.

«For Mirabaud asset management, this acquisition increases our expertise as an active manager in a sector where significant performance opportunities can be found,» Mirabaud partner Lionel Aeschlismann said.