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Ex-Citi wealth veteran launches alternative investment firm

Ex-Citi wealth veteran launches alternative investment firm

Ricardo Outi, formerly of Citigroup’s offshore wealth management business, is targeting family offices across Miami, Brazil and Asia with his new alternative investment firm.

Outi left Citi after 18 years in mid-April, where he was most recently head of affluent and high net worth clients for Latin America at Citibank’s offshore wealth management unit, and has now launched AIC Capital, an alternative investment manager focused on commercial real estate in the US.

Shortly after his departure, Outi captured Miami-based advisor group BigSur Partners as a partner and has since added family offices in Singapore and Japan to his client roster.

He told Citywire Americas he was looking to add value to family offices whose clients have real estate investment needs, especially as wealth continues to shift from big name banks to independent players.

‘What we have built is not a traditional firm, it’s an investment club focused on real estate for high net worth individuals,’ said Miami-based Outi. ‘My primary targets are family offices in Miami, Brazil and Asia.’

The firm will offer a range of services including a business-to-business consulting model through which they offer investment advice, execution of real estate transactions, conversion of properties clients already own as well as real estate analytics to find new opportunities.

‘We have built a platform that connects great deals with investors who are sick and tired of the big banks and traditional financial products that want to own real estate alternative asset classes directly instead of through funds.’

He sees opportunities especially in Brazil, adding ‘it’s relevant in Brazil now as the interest rate is coming down in order to pump up the economy and investors are looking to a higher yield to offset the reduction of the interest rate.’

In 12 months’ time Outi expects AIC Capital will be managing between $50 million to $100 million in real estate and have a few more independent family offices as clients.

Outi has also hired Leo Gonzalez from Citi, who was in specialized analytics, as a data scientist who will draw up real estate analytics and valuation models.

Outi’s career at Citi saw him hold a number of positions. As Latin America regional head for affluent and high net worth client segments, a position he held from 2013 until his departure, he was responsible for a $740 million revenue portfolio composed of Latin American clients from 11 countries.

Prior to that he was director of growth venture and innovation for the bank in Singapore and also held positions in Japan. He started his career at Citi in Brazil in 1999 as a financial analyst.

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