The international private banking arm of Spanish banking giant Santander is aiming to double its funds under management (FuM) globally in coming years.
In US, the unit is looking to tap a US$140 billion pool of assets held by newly-arrived US immigrants as it grows its private bank, Alvaro Morales, head of the lender’s international private banking arm told the Reuters Wealth Management Summit in Geneva.
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"We see a lot of opportunities in the domestic US market," Morales said. "What we are seeing is that a lot of Mexican or Venezuelan clients who are sending their kids to US universities, then their wives move (there), then (they) move for the weekends. And at the end they become US tax residents."
Santander’s private bank is considering opening a branch geared toward new US tax residents, Morales was quoted as saying by Reuters.
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