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December 15, 2021

Vontobel to accelerate US wealth management push with Miami office

By Verdict Staff

Swiss group Vontobel is reportedly planning a new location in the US as part of its strategy to strengthen its wealth management operations in the country.

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The new Miami location will allow the Swiss wealth manager to better tap the North American market, Reuters reported citing Vontobel CEO Zeno Staub.

Vontobel manages approximately $326bn for private and institutional investors. The firm is said to oversee around CHF4bn on behalf of its wealthy client in the US through accounts in Zurich and Geneva, and through its New York office.

The firm plan to employ client advisers in its new Miami with plans to book the assets of affluent individuals in Switzerland. It follows a similar approach for its New York office.

Staub told the news agency in an interview: “Within the US, there is a migration of wealth from the North to the South.

“More and more local wealth is going to Florida. We therefore plan to establish a presence in Miami in the coming months.”

He also added that Vontobel is not considering deal making an option to grow its US wealth business while its open to deals in that asset management segment that would add new capabilities.

According to him, the firm is currently looking to foray into new markets and is leveraging digitalisation to offer its funds to a wider client base.

Staub said: “We’ve made substantial investments in order to be able to provide a broader product range in the United States. And we have the ambition to move the needle there in the next few years.”

In July this year, Vontobel purchased the remaining 40% interest in TwentyFour Asset Management to take full ownership of the London-based boutique.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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