Swiss financial services firm Mirabaud Group has been given the green light from the Central Bank of Uruguay to open two wealth management subsidiaries.
Both located in Montevideo, Mirabaud Advisory (Uruguay) will offer services to local clients, while Mirabaud International Advisory (Uruguay) will provide services to clients from other Latin American countries.
Both companies will be managed by Fabio Kreplak, with the support of Thiago Frazao, a limited partner.
Nicolas Mirabaud, managing partner and head of wealth management for the Mirabaud Group, said: “For 200 years, Mirabaud has always focused on serving the interests of its clients and protecting their assets by offering them investment solutions tailored to their needs.
“In recent years, our Latin American client base has grown, so it was natural for us to establish a presence closer to them in order to serve them better.”
The team based in Montevideo is expected to reach around six employees during 2019.
LGT expands in Thailand
Mirabaud is not the only firm looking to expand its global reach.
Liechtenstein-headquartered LGT is opening a wealth management business in Thailand, after receiving regulatory approval.
The subsidiary will be known as LGT Securities (Thailand) and be based in Bangkok. It will provide investment and wealth management services to Thai clients.
Karn Karuhadej will oversee the expansion in Thailand, whereas the local office will be led by chief executive Ekkapob Makeguljai, who has over 16 years’ experience in financial services and wealth management.
“The opening of our office in Bangkok is another strategic milestone for our steady development in Asia,” said Henri Leimer, chief executive of LGT Private Banking Asia.
“Thailand is a rapidly growing market with extremely interesting opportunities. With our local presence in Bangkok, we can now advise and support our Thai customers even better on-the-ground.”
LGT has existing operations across Asia in Hong Kong and Singapore.
Italy office to bolster retail offering
Also, Geneva-based asset manager Ram Active Investments (Ram AI) has opened an office in Milan.
The Italian branch will bolster its operation in Europe, where it has offices in Geneva, Zurich and Luxembourg.
The move is part of Ram AI’s growth plan to expand in the retail sector in Italy, a process that began in July 2018 with an agreement with digital bank CheBanca.
The firm has appointed Gianluca Carnevale Garè as head of sales retail Italy, who joins from Sempione SIM, a boutique active asset manager and investment consulting firm.
Thomas de Saint-Seine, chief executive and founding partner of Ram AI, said: “For years we have been present on the Italian market with institutional customer relations.
“The arrival of Gianluca and the opening of our office in Milan are further confirmation of our strong commitment to this market and will allow us to be closer to our investors, continuing to serve our existing institutional clients, while building our presence on the retail market.”
