Sanctuary Wealth has expanded its Latin American footprint with the addition of Fuentes Hondermann Wealth Management to its network.
Financial terms of the deal were not revealed.
Sanctuary’s three-person team consists of managing director and senior wealth advisor Luis Fuentes, executive director and senior wealth adviser Rosario Hondermann, and executive director and senior wealth adviser Chris Fuentes.
The team, previously affiliated with Morgan Stanley Wealth Management, adds $250m in client assets under management to Sanctuary.
According to Fuentes Hondermann principals, about 30% of the firm’s business originate from US clients and from 70% rest of the world with a concentration in the Argentina as well as Mexico.
Commenting on the deal, Fuentes said: “Sanctuary gives us the freedom and flexibility to run our business in a way that provides the maximum benefit to our clients backed with the support and resources of a much larger organisation. While we are the owners of our business, we are also part of a global company which understands the unique situation of our clients.”
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Sanctuary Wealth co-president Robert Walter said: “I moved to Miami 15 months ago to establish our presence in this important hub for international wealth management and to accelerate completion of our global platform.
“I am excited to welcome Fuentes Hondermann Wealth Management as our newest partners here in Miami. Luis Fuentes has over 50 years of experience serving international clients and is highly respected as one of the pioneers of the global business.”
The latest deal follows Sanctuary’s acquisition of an undisclosed minority position in Indianapolis-based EverNest Financial Advisors last month.
Last year, the firm established a new subsidiary called Sanctuary Global to cater to the Latin American market.