Capital Group, a US-based investment management services provider, is planning to open a local office in Madrid, Spain.
The move is part of the firm’s strategy to expand its service to more European, Asian and offshore clients locally.
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Scheduled to be opened in July 2014, the Madrid office will be managed by Mario Gonzalez, who has worked at Capital Group for 10 years, according to an Investment Europe report.
In his new role, Gonzalez will relocate to Madrid as a business development manager to provide coverage for the Spanish market.
Grant Leon, head of sales and private wealth distribution at Capital Group, said: "We see Spain as an exciting and growing opportunity, and value the significance of its distribution status in Europe.
"With Spain embracing more of an open architecture model and adopting new products and ideas from international asset managers, we want to service our clients and prospects on the ground and be part of the local financial community," the publication quoted Leon as saying.
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By GlobalDataAdditionally, Capital is also planning to open a number of local offices in new markets as part of the move.
The report added that Capital Group aims to have a total of five new offices in Europe by the end of 2014.
