Switzerland-headquartered Syz Group has received an investment adviser licence to open an office in Montevideo, Uruguay.
The firm said the decision to establish a physical presence in Latin America was made in order to respond to a growing client demand.
The Montevideo office will be headed up by managing director Rodolfo Rodriguez, who has worked for Syz Group since 2016, most recently as deputy head of LatAm.
Located in the Zonamerica free trade zone of Montevideo, Syz Wealth Management will focus on providing investment advisory services to offshore clients.
As Syz Group continues to grow in Latin America, it will be looking at expanding its presence in the coming years, possibly through acquisitions.
Private banking arm
The office also gives the group’s private banking arm Bank Syz the ability to further develop its footprint in the region.
Bank Syz currently has four offices in Switzerland and representative offices in Turkey and South Africa.
Nicolas Syz, head of private banking at Bank Syz, said: “Latin America is an area of historical significance to our group and we wish to be closer to our clients, both geographically and relationally. Serving both private and professional clients in the region for over two decades has led Syz Bank to grow its commitment to this thriving market.”
Syz Group serves clients via its four businesses – Bank Syz, Syz Independent Managers, Syz Capital and Syz Asset Management.