US-based asset manager Vanguard is reportedly planning to expand its Miami operations significantly to better serve Latin American offshore wealth clients.
The firm plans to triple the size of its Miami team from five to 15 over the next five years, reported Bloomberg, citing Vanguard Latin America head Juan Hernandez.
Vanguard is also considering expansion in other US locations, with new offshore service offerings in California and Houston within the next 12 to 18 months.
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According to the report, the move comes as Latin American clients continue to seek offshore solutions, often driven by political and economic uncertainty, with the US as a preferred destination for their assets.
Vanguard currently manages approximately $11tn in assets worldwide, with $80bn attributed to Latin American clients.
Mexico represents the firm’s largest market in the region, particularly through institutional clients such as pension funds, known as Afores.
Hernandez, in an interview in Mexico City, said: “US offshore is a really important hub for the wealth of Latin America.
“For a few years now, it has made perfect sense for us to provide service to our clients who are operating in Mexico, Brazil and Chile.
“We believe that a major opportunity to address in the coming months or years is raising the limit so that the Afores can truly diversify.”
Meanwhile, Vanguard has announced the launch of the Vanguard Core-Plus Bond Index ETF (BNDP), a new fixed income product aimed at providing comprehensive and diversified exposure to the U.S. taxable bond market. The ETF will be managed by the Vanguard Fixed Income Group.
In August this year, Vanguard reportedly agreed to settle a lawsuit that accused the investment company of causing higher tax bills for investors in its target-date funds.
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