Switzerland-based Syz Group has secured a ‘investment advisor’ licence from Uruguayan authorities to set up a new office in Montevideo.

The new office, Syz Wealth Management, will offer investment advisory services to the company’s offshore clients.

It will also help families and entrepreneurs to safeguard and grow their wealth.

Situated in the Zonamerica free trade zone in Montevideo, Syz Wealth Management represents the firm’s first office in Latin America.

The office also helps Bank Syz to augment its global network.

The office will be led by Rodolfo Rodriguez, who has been with Syz Group since 2016. Rodriguez, who is also a managing director of the group, most recently served as the head of Latin America (Latam).

Bank Syz head of private banking Nicolas Syz said: “Latin America is an area of historical significance to our Group and we wish to be closer to our clients, both geographically and relationally.

“Serving both private and professional clients in the region for over two decades has led Syz Bank to grow its commitment to this thriving market.

Currently, Bank Syz operates four offices in Switzerland as well as representative offices in Istanbul, Turkey and Johannesburg, South Africa.

In addition, Syz Group plans to increase its reach in Latam in upcoming years through the purchase of new partners.

The latest development comes shortly after Richard Byworth joined Syz Capital, the alternative investment unit of Syz Group, as managing partner and chief of its liquid alternatives business.

In February last year, the group revealed its plan to rebrand its operations.