Brenna Hughes Neghaiwi, Oliver Hirt

ZURICH, Reuters – Vontobel is a Swiss asset and wealth manager. The company plans to set up a Miami office to manage wealth as it aims to capture a larger share of North American markets. According to its chief executive, Reuters.

Zeno Staub, Chief Executive Officer of the U.S. said that there has been a “migration” in wealth within the country. Florida has more wealth than ever before. Therefore, in the coming months we will be establishing a Miami presence.”

He said that the Zurich-based lender manages less than 300 billion Swiss Francs (326 billion dollars) for institutional and private investors. It is now looking to grow in America while breaking into new markets. The bank also uses digitalisation to make its funds available to a wider client base.

Vontobel manages approximately 4 billion Swiss Francs now for its wealthy clients in the United States through accounts in Zurich, Geneva and New York.

It plans to hire client advisors in Miami while it books wealthy clients’ funds out of Switzerland. This is similar to what it does with its New York offices.

Asset management banks like JPMorgan and Citi (NYSE:) Morgan Stanley Santander and (NYSE 🙂 are among its top customers.

Staub indicated that the company is expanding its offerings in the United States to include funds and products.

He said, “We have made significant investments to offer a wider product selection in the United States.” We have the potential to make a difference in America over the coming years.

Vontobel does not see the need to grow the size of its business through M&A, he said.

Staub explained that there is a lower appetite for acquisitions to grow volumes than ever before, and said the bank will be open to new deals in asset management.

He stated that wealth management is more about accessing markets than pure volume.

($1 = 0.9189 Swiss francs)