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Mirabaud Bank to Double Assets in Latin America to $8 Billion

by Busines Newswire
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Mirabaud Bank, a private Swiss financial institution with origins tracing back to 1819, is planning to significantly expand its operations in the Latin American wealth management space, with offices in Brazil and Uruguay. The bank’s current Latin American portfolio consists of $4 billion in assets, and it’s planning on doubling that asset base to $8 billion by 2030.

“Latin America is a cornerstone market for Mirabaud, and our strategic focus on Uruguay and Brazil is a natural progression fuelled by the region’s immense promise and growing entrepreneurial excellence,” said Thiago Frazao, head of wealth management, LatAm at Mirabaud, in a recent press release.

“Mirabaud’s unique wealth management approach focuses on an ultra-personalized service for each one of its clients. The group’s extensive network and robust platform allows it to bring together local and international wealth management capabilities and take a global approach to asset allocation with a distinctive offering, including access to private assets.”

Mirabaud’s Uruguayan and Brazilian Portfolios

Mirabaud has made noteworthy strides in Latin America over the past five years, leveraging its Uruguayan office as a springboard for growth in the Southern Cone region. Under the leadership of Fabio Kreplak, CEO of Mirabaud Uruguay, the bank has carved a niche for itself, catering to an expanding international clientele.

In Brazil, the company has set a target to triple its managed assets within two years. The bank currently oversees 1 billion reais (about $199 million) in Brazil, extending its services to 70 families. Its strategy has already included the successful raising of 100 million reais for a fixed-income fund, and there are plans to launch a second fund focusing on private credit.

“We have a lot of room to grow organically,” Urbano de Moraes, CEO of Mirabaud’s office in Brazil, said in an interview with Bloomberg in October.

“Brazil is full of opportunities in construction, agribusiness, technology startups, and services. In a market of this size, you create space for companies to grow and with that attract big players to the country.”

Wealth Management in Latin American

Mirabaud Bank’s expansion into Latin America is strategically timed, tapping into a region witnessing significant growth in wealth management. The Latin American wealth management market, valued at $1.15 trillion in 2024, is projected to expand to approximately $1.3 trillion by 2029. This growth trajectory is paralleled by an uptick in high-net-worth individuals in the region, driving demand for bespoke wealth management services.

The increasing number of HNWIs in the region is tied to factors such as economic expansion in key countries like Brazil, the development of financial and capital markets, and an increase in entrepreneurship and business development across a variety of industries, from energy to agriculture.

The wealth management landscape in Latin America is responding to these trends by offering more sophisticated and tailored services to meet the needs of HNWIs. These services include not just traditional wealth management and investment advice, but also more complex offerings like estate planning, tax advisory, and philanthropy consulting.

Given the dynamic nature of wealth generation and the increasing number of HNWIs in the region, Latin America represents a significant opportunity for wealth management firms looking to expand their presence and offer specialized services to a growing and increasingly sophisticated client base. It’s an opportunity that Mirabaud Bank, with a personalised and client-centered approach and a deep-rooted history in private wealth management, will look to seize in years to come.

See more recent Mirabaud Bank news here: https://www.apnnews.com/mirabaud-bank-supports-sustainable-finance-in-the-middle-east/