Iberian private bank Andbank has doubled its Miami assets under management in 2017 and is pushing forward with plans to continue expanding in Latin America with the launch of an Argentine branch.
Its Miami offices are nearing $1 billion in clients’ assets after hiring four advisors throughout 2017 and launching a desk catering to Brazilian clients looking to booking through the US, said Carlos Moreno, Andbank managing director and head of the Americas.
The bank has hit $990 million in assets from $520 million in new client assets over the course of 2017.
He attributed the growth to a confluence of tailwinds. Speaking to Citywire Americas, he said: ‘First we have new people in Miami, second the US, especially Florida, is becoming one the best places to be in private banking, and last June we opened a Miami Brazil desk.’
He expects 2018 will see the Miami business’s assets rise by 50% to $1.5 billion through organic growth.
Andbank is also pushing forward on its plans to launch in Argentina to take advantage of the country's financial industry comeback, as Citywire Americas reported in January 2017.
The firm has appointed Andbank banker Gonzalo Tarasido to head the business once it obtains a license to operate in Argentina and gains approval by the Andorran central bank.
Argentina approved the creation of the global investment advisor role in September, with the deadline for applying set for February 28, but it is understood the regulator has not yet started handing licenses.
‘We’re ready as soon as we get all the legal requirements, both in Argentina and our central bank. We have the plan and the strategy but we have to wait,’ said Moreno. He hopes to have both approvals by mid-2018, he added.
Moreno is also focused on continuing to grow its Mexican subsidiary, Columbus Asset Management, which has $2 billion in assets and 100 employees. He said it saw 15% growth over 2017 due to the government’s amnesty program.
He will also be investing in its Brazilian business, which currently has $2.5 billion in assets.
Andbank has a presence in 12 countries and is one of many firms looking to benefit from the near $200 billion of wealth that has been declared through recent tax-amnesty programs in Argentina, Brazil and Mexico.