Principal Financial has hired Andres Silva Tesmer from local rival LarrainVial to head up its Chilean wealth management business.
Silva was a private banker at LarrainVial and had been with the firm for almost ten years.
A spokeswoman for Principal confirmed his hire adding that in his new role as head of wealth management he will be responsible for developing strategies to help boost business and growth among its institutional, family office and high-net worth clientele.
It is part of an aggressive growth plan that will include the launch of new investment funds, mutual funds and special products to offer higher returns to clients.
Prior to joining LarrainVial in 2007 he was an operations manager for Chilean insurer and broker-dealer Consorcio for three years.