The Swiss giant wanted to open a hub in Miami to win Latin American wealth managers as clients. It is delaying the project amid the pandemic.
UBS is pushing back a new Miami-based project to better target independent wealth and asset managers that was slated to start this year, according to «Citywire» (behind paywall), citing sources. The Swiss bank didn't comment.
The media outlet said private bank co-head at UBS, Tom Naratil, on Thursday said that « at this point in time we’re very focused on our direct business with clients in Latin America,» as opposed to winning intermediaries to those clients. This puts the kibosh on plans reported by finews.com in January to kickstart in Miami under Swiss banker Mariana Gregori.
Flooding Miami
UBS had hoped to capture some of the Latin American money that is flooding into Miami. The Zurich-based wealth manager is severing some ties with Venezuelan clients as a U.S.-led probe into money laundering in particular around oil firm PDVSA heats up, «Bloomberg» reported two months ago. Intermediaries head Stefano Veri in January said UBS was confident about is compliance approach in Miami.
UBS was looking to the so-called Miami branch to generate as much as 30 percent of its overall business with FIMs – financial intermediaries – internationally. The U.S. is frequently the first port of call for wealthy Latin Americans looking for offshore financial services, because of its geographic proximity.
