US-based Sanctuary Wealth has launched a new subsidiary, Sanctuary Global, to service the Latin American market, a key component of the firm’s long-range strategy.
This new division will support the increasing number of international advisors, with both offshore and domestic needs, serving Latin American families.
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The wealth manager has opened Sanctuary Global headquarters office in Miami.
Sanctuary Securities president Bob Walter will relocate to Miami to oversee the latest global expansion. Sanctuary Advisors president Vince Fertitta will jointly head the subsidiary with Walter.
Fertitta will focus on the domestic-based advisors, while Walter will be in charge of the global platform and offshore expansion.
Sanctuary Wealth CEO and founder Jim Dickson said: “This is a very exciting time for Sanctuary. Not only are we launching Sanctuary Global and opening our Miami office, but we have a record pipeline of new partners and growth that we are excited to onboard in the coming weeks and months.
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By GlobalData“We are making a major commitment to serve the global market, and Miami is the perfect hub for that business unit. The response to our global offering has been phenomenal, to date, greatly exceeding our high expectations.”
Walter said: “This is an important next step in Sanctuary’s growth as a major force in the global wealth management space and I look forward to working with our international advisors and their clients and doing everything I can to make this office and platform successful.”
Long-term growth strategy
The establishment of the new subsidiary as well as the opening of Miami office is part of Sanctuary’s ‘aggressive long-term growth strategy’.
The company plans to bet on the ongoing shift in the wealth management space following the surge in the number of wirehouse advisors eyeing independence and retiring advisors seeking beneficial succession plans.
In November last year, Sanctuary received a $50m investment from Italian asset manager Azimut Group.
This investment expedited the build out of the Sanctuary platform and has enabled the firm to participate actively in the current record level M&A activity.
The firm is gearing up to announce several acquisitions and additional new platform enhancements in the coming months.
It also expects to open offices across Latin America in the coming months in addition to the new Miami office.
