New York-based advisory firm Union Capital Group is looking to quadruple its client assets in 2018 as it embarks on growing its Latin American business.
Union Capital Group is a broker-dealer and registered investment advisor which offers execution and asset management services to institutional clients including family offices and independent private bankers.
The firm, which officially launched its broker-dealer UCAP Securities in August 2017, is also the first firm to offer Allfunds to its advisors, taking advantage of the newly announced deal between clearing firm INTL FCStone and European fund giant Allfunds.
Speaking to Citywire Americas, chief exective Luis Mariño said the firm’s target for 2018 is to pass the $1 billion mark in client assets for its advisory business from $250 million.
‘We’re well on our way to doing that,’ he said. ‘We’d like to get the word out of our services to US-based RIAs or brokers with international clients that are looking for additional services or deliver their own services in a better way.
‘We’re looking to expand our network in Latin America which is relatively new for Union Capital Group,’ he explained.
Mariño added that the parternship between Allfunds and INTL FCStone is definitely a draw for its broker-dealer clients.
'Our broker-dealer clients will have the ability to purchase over 57,000 international mutual funds and will be able to onboard custom funds. This will [allow us to offer through INTL FCStone] a fully integrated multi- currency, global asset offering,’ he said.
Union Capital Group is the US counterpart of a global group of investment, banking and asset management businesses which collaborate on investment ideas, services and products. It includes a Swiss group of the same name and Union Capital Bank in the Bahamas.
The US business was formed in 2016 in response to global clients wanting to place their money in the US. It now seeks to attract advisors in the US and Latin America with international clients that are looking to plug into the experience of a large global business.
‘What we offer directly in the US is only a small portion of what we can offer globally. We have several relationships with a number of international banks in Asia, Switzerland and Europe,’ said Mariño, who held a number of leadership positions at Merrill Lynch International over a 20-year career with the firm.
Oscar Flores de Valgaz, director of advisory services, added that through this business they are not seeking to play the recruitment game but to help the growing independent sector as it has very limited resources for international advisors on offer.
‘We’re trying to bring an expertise in the offshore space, we’re not a recruiting firm. The US-based RIA with the two or three clients that are non-US but are a significant part of their book should also consider signing up with us because we would know how to best service those clients and provide them resources.’