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Wells Fargo hires HSBC private bankers for Miami team

Wells Fargo hires HSBC private bankers for Miami team

Wells Fargo Advisors has hired two HSBC private bankers to its international private clients services unit in Miami.

Sources familiar with the move confirmed Miguel Monnichmeyer and Oscar Gonzalez joined Wells Fargo on Monday.

Citywire Americas understands the two advisors and their respective teams managed Mexican client books and that the two managed a combined range of assets between $800 million and $1 billion. Further, it is also understood the majority of those assets were managed by Monnichmeyer, a lead producer at HSBC.

Wells Fargo declined to comment on the new arrivals. HSBC confirmed their exit but declined to comment further.

The two will be based in the US group's Miami office, which has about 40 international advisors and is run by complex manager Mauricio Sanchez. The firm has been recruiting steadily to boost its team of over 370 international financial advisors based across Miami, New York, Texas and California.

In May, the firm hired Jesus Valencia as a business development expert to support its growth plans for its Latin American business

Earlier this month, HSBC announced to its employees in a memo that it would be transferring business originating in Central America and the Andean region, excluding Chile, to UBS Wealth Management Americas.

However, it stated that Mexico will remains one its core markets, alongside Argentina, Brazil and Chile.

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