Brazilian financial company Grupo BTG Pactual is reportedly planning to open a wealth management branch in Miami between September and October this year.

The move is part of BTG Pactual’s strategy to expand its wealth management franchise throughout the Americas, Reuters reported.

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The decision will facilitate the Latin American firm, which handles $100bn in assets, to grow fee-based revenues in coming years to make profit less dependent on income from trading and proprietary investments.

BTG Pactual’s previously announced purchase of Swiss money manager BSI Group, which is expected to close in coming months.

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