Sanctuary Wealth is making fresh efforts to expand its reach into Latin American wealth management and is opening an office in Miami to accelerate that growth, the company said on Monday.
The newly announced Sanctuary Global will work with international clients, particularly clients in Latin America, with some overlapping interests in the US.
The new office will be co-headed by Bob Walter, President of Sanctuary Securities, who will lead the offshore expansion of the new initiative, while Vince Fertitta, President of Sanctuary Advisors, will oversee the domestic advisors.
Sanctuary Wealth founder and CEO Jim Dickson claimed that many international consultants “felt largely unnoticed” while working in the wirehouses. Parents have tried to exit the international wealth management market, although offshore investments have grown in importance and cross-border family wealth continues to rise.
In January, Wells Fargo & Co. announced that it would cease serving international clients in its wealth management division. This followed other wirehouses’ decisions to reduce their services to overseas customers, in part due to stricter anti-money laundering regulations around the world.
Other firms like Indianapolis-based Sanctuary see an opportunity to fill this gap.
“We are very committed to serving the global marketplace and Miami is the perfect hub for this business,” said Dickson. “The response to our global offering has been phenomenal so far and has far exceeded our high expectations.”
Last year, Sanctuary enlisted Merrill Lynch veteran Susan Graybeal to expand the wealth management and product platform for Sanctuary’s advisors serving clients outside the United States.
As the company builds Sanctuary Global’s new headquarters in Miami, the company plans to open offices across Latin America in the coming months. The company continued to grow with acquisitions supported in part by a $ 50 million investment by Italian asset management company Azimut Group last year.
At the beginning of March a The Ohio-based company has $ 435 million under management in client assets, Sanctuary Wealth joined after Merrill Lynch closed its office while a father / son team with an AUM of $ 235 million The company was also based in Ohio and joined the company late last month.
Sanctuary Wealth isn’t the only company trying to take advantage of the retreat from the international wealth management space. less than two months after Wells Fargo announced its decision to discharge its international wealth management business, Snowden Lane attracted the Ureña Wealth Management Group from the wirehouse. Half of the Miami-based company’s business was focused on offshore accounts and international clients, mostly based in Latin America.
Sanctuary Wealth is a network of 45 partner companies with advised assets of $ 15.0 billion.