Vanguard to Grow Offshore Latin American Business With Remote Miami Team
Asset management firm has no imminent plans to open a permanent Miami office
By Chava Gourarie October 27, 2023 3:50 pm
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Vanguard Group is looking to expand its offshore business for Latin American clients, with part of its team operating remotely in Miami, the company confirmed to Commercial Observer.
However the global asset management firm has no imminent plans to open a permanent office space in Miami, as was reported in Bloomberg.
“While we are focused on growing our business focused on Latin American offshore clients, we are not currently planning to open a new office space in Miami,” a spokesperson for Vanguard told CO. “The current team supporting this business in Miami is working remotely.”
Vanguard has at least two executives operating in South Florida and could grow the team to up to 10 people, Mexico City-based Juan Hernández, Vanguard’s head of Latin America, told Bloomberg.
The firm’s wealth management arm will serve high-net-worth Latin Americans looking to move all, or some, of their wealth offshore. Recent regulatory and technological changes in the United States have made it easier for those with smaller fortunes to hold accounts outside their home countries, Hernandez said.
Vanguard is the second-largest global asset manager in the world (after BlockRock) managing more than $7.6 trillion in assets across the world. Latin America makes up about $50 billion of that, Hernandez told Bloomberg.
Miami has long been a hub for Latin American financial engagement, but it comes second to Houston and New York in volume.
Vanguard did not immediately respond to a request for confirmation.
Chava Gourarie can be reached at cgourarie@commercialobserver.com.
