Swiss private bank Lombard Odier is planning to expand its Latin America footprint by opening an office in Uruguay.
The Swiss firm is in the process of getting its Uruguay investment advisor license, a spokesperson for the firm confirmed to Citywire Americas. The representative was not able to comment further due to the ongoing process.
Companies looking to operate as investment advisors must register with Uruguay’s central bank, according to the entity’s website. As part of the application process, firms have to say if they’ll target resident or offshore clients.
Citywire Americas understands that as Lombard Odier seeks the permit, it’s also working on recruiting financial advisors for its new office.
As of November 7, Lombard Odier’s website listed 23 offices around the world, including a location in Panama.
Geneva-based Lombard Odier operates in three business segments: private banking, asset management and banking technology, according to its website.
Its private client services include wealth planning, impact investing and loans. As a whole, the firm ran 242 billion Swiss francs ($242 billion) in client assets as of June.
Lombard Odier’s Uruguay plans come as wealth managers in that country review the viability of their businesses after Argentina passed rules allowing local bankers to advise on onshore and offshore assets. The bulk of Uruguay’s wealth industry services Argentines.