Sanctuary Wealth has launched Diagonal Investment Office in Miami to offer family office services to ultra-rich Latin American customers.

Launched with $200m in client assets, the firm will cater to ultra-high-net-worth (UHNW) individuals looking to invest in the US.

The new firm, which is regulated by both FINRA and the SEC, is led by founders and managing partners Rodolfo Rake and Santiago Rey.

Commenting on the move, Rake said: “At Diagonal, we are creating a boutique family office model partnered with Sanctuary Global, which allows us to have an open architecture and be independent but with the backing of a $25bn firm.

“Being a part of Sanctuary allows us to have our own broker dealer without the need to always execute transactions through a third party.”

Rake began his financial services career with Smith Barney in 2005, working with institutional as well as private clients.

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Rey, who spent four years with Banco de Credito BCP in Peru, said: “Diagonal is different from many of the teams joining Sanctuary Wealth because rather than breaking away from a wirehouse, we are building a new business from scratch.

“Both Rudy and I have extensive experience helping Latin American clients navigate the intricacies of investing in the US.”

In August, Sanctuary Wealth added Texas-based The Alteri Group, a six-person team, to its network of independent advisors.

In July, the wealth manager secured $175m of fresh investment from US-based private credit manager Kennedy Lewis Investment Management to fund its future growth and business strategy.