As the Zurich-based investment company ramps up its business for the wealthy in Latin America, it is turning to a competitor for talent.

Vontobel is hiring Emilio Muñoz in Geneva to lead the wealth management team for Latin America, it said in an emailed statement Monday.

Muñoz, who previously worked at JP Morgan Geneva, will build a team of senior bankers to cover the region. He will report to Arturo Stoecklin, the wealth management head for Latin America and South Africa.

Vontobel is continuously growing its business in Latin America from its offices in Zurich, Geneva and Miami, the statement said.