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.

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

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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.”

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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.