Miami Being ‘Inundated’ With Capital From Latin America, So UBS Will Open A New Office Here

UBS of Switzerland is planning to open a Miami office this year to service Latin American wealth management firms, according to Finews.

Miami is now being “inundated” with assets from Latin America, making it the talk of wealth managers and lawyers, the website reported.

The new UBS office in Miami was said to be a high priority for the firm. It will start with 10 managers the first year.

UBS already has a wealth management operation in Miami. The new office will focus on financial intermediaries in Latin America.

Miami is now one of the fastest growing recipients of offshore capital in the world, according to Bloomberg. The city has become a preferred destination for wealthy Latin Americans to shelter assets from instability at home.

Credit Suisse, a UBS competitor, is also considering opening an office in Miami, Bloomberg reported.

 

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Jesus
1 year ago

Excellent. I may not agree with Trump but if there’s a thing I have to give him credit for is the limit of the SALT deduction. This has made Miami excellent for businesses and individuals to live.

POLO
1 year ago

Miami has always been a magnet for offshore capital. Trump, or any other President has little to do with it. The main factor is instability in other parts of the world, specially in Latin America, were the super rich park their money here for save heaven.

Anonymous
1 year ago

Yes, you’re right POLO.. instead of using that money to do something to change where they’re from.

Anonymous
1 year ago

it is their money, and what do you know about if they do or don’t for their countries?

Anonymous
1 year ago

Well, isn’t it apparent?.. The article does say “The city (Miami) has become a preferred destination for wealthy Latin Americans to shelter assets from instability at home.”

Anonymous
1 year ago

i dont see trump or any other waelthy person using their money to change the USA (chicago, detroit, new orleans, houston, dallas) some of the most crime infested rat holes in the USA. WTF kind of statement is that?

Anonymous
1 year ago

Uh… what?

Anonymous
1 year ago

Yeah, and under the current bozo lots more of the world is unstable.

Anonymous
1 year ago

You must live in La La Land.
Economy:. Booming
NATO:. All countries paying their fair share
China:. Signing up deal
USMCA, done…
Which foreign country are you referring to?

POLA
1 year ago

WOW POLO you are soooo WOKE…

Anonymous
1 year ago

This has been happening way before that clown was in office

Anonymous
1 year ago

When they all called him “Clown”

https://youtu.be/zT0Rjc6jKCg

Anonymous
1 year ago

Really? Please explain exactly how that was happening before and exactly what policies were being implemented that were causing all the success we are currently experiencing.

Anonymous
1 year ago

miami has the second largest banking firms dealing with international banks from europe to latin america. it has been like this since 1980 no US President has contributed to this. we have the second largest banking system next to NYC which is the first. a stock exchange has always been on the table and consideration. be informed dont attribute glory to a man who hasnt done anything not even a drop to contribute to this.

Anonymous
1 year ago

Mitt Romney, Michael Cohen (Trump’s lawyer), and Omarosa, all Republicans, said, “Trump is a Conman.”

Anonymous
1 year ago

Personally, the Executivr Order that required 2 rules be ELIMINATED for every NEW rule added was brilliant.

Also, the Tax Cuts and Jobs Act that repatriated all that money back to the US was good.

Elena G.
1 year ago

KAG2020

Sonia de Armas
1 year ago

I was born and raised in this city, middle class, and I’m in the construction business and I can safely say I’m making 30% more income today than 3 years ago, I’m 47 years old and i have been working since i was 18, this is the first time i increase my income 30% in such a short period, second generation of Cuban American and a democrat since i left High school, and coming NOVEMBER I’m voting TRUMP. I no longer expect the government to give me a dime, I expect it to get its bureaucrats out of my way, and give me the freedom to keep growing.

Anonymous
1 year ago

you must have been doing something wrong for years. i have been working since i was 14 years old and i have numerous land holdings, with duplexes on them, a shipping company to latin america another one that deals with amazon. i was not born into middle class and did not go to college. i just pinched and saved and my business has grown and average of 15 to 20 percent each year, Trump or no president has made me rich and coming NOVEMBER i will not be voting TRUMP i am a repubiican and was against his nomination the first time. he is a thief who has stolen millions from contructions firms he was hired. he buries them in litigation so as not to pay full price for projects. that is why he has lost 30 percent of his wealth since he took office.

Sonia de Armas
1 year ago

Wow I’m really impressed with you life achievements; I would love to see how well you cope with the economic plans proposed by either Bernie sanders or E. Warren, as far as I have heard they are leading the opposition to Trump. Logic tells me you will not do very well, just last debate Sanders proposed a hike on income taxes “starting” at 12% for people making over 26k a year, that’s only to support his socialist health care plan, i understand he has many other “plans” which will require more taxes from the working people to be given to inept politicians who cant hardly manage their own accounts. So far Trump has neither stolen my money, nor is he taking more of my taxes, as i mentioned before I have more work now than i ever had during the Obama years. For this reason above all Trump has my vote, i wish you good luck in your business and I hope is big enough to hire as many Locals as possible to continue riding this great economic boom the city is experiencing.

Go Miami go!
1 year ago

Nice.
Go Miami go.
…and this is in light of a strong US dollar.
Expand the EB-5 program.

Anonymous
1 year ago

Let’s go.. Start the Next building Cycle.

Anonymous
1 year ago

OK Credit Suisse and UBS, please, do not open your office in either Doral or Miramar. Please, think water, views, transit

Anonymous
1 year ago

They would never consider opening the office anywhere other than Brickell/Downtown or Coral Gables. Also, with only 10 hires, they can probably be housed at the existing UBS office.

Anonymous
1 year ago

Really?
Don’t bet on it

Anonymous
1 year ago

How many of those new jobs will be available for locals though.

Anonymous
1 year ago

Pessimists will always have to open their mouths.

Anonymous
1 year ago

Its an legit question, alot of these new employees are just acquired from other cities or moved from the main office.

Anonymous
1 year ago

So what? Those people will now be living here, Renting\ buying homes here, paying taxes here, eating out here. When the company has openings locals will be interviewed and if they are qualified they will be hired. It’s not the business job to ensure the local populace is qualified.

Why should we not want the benefits just because the current local talent pool might be too small? These types of comments are so short sided and are repeated ad nauseam by people with no basic understanding of economics.

Anonymous
1 year ago

Thanks for reinforcing my statement. I guess Mr Pessimist would rather they take those jobs to Houston, Atlanta or Dallas

Anonymous
1 year ago

Really?
What do want to do? Build a wall to keep them out?

My Spidey-sense tells me that UBS isn’t importing many pasty-white Swissman to hold down the Miami fort, but what does common sense have to do with anything?

Anonymous
1 year ago

Realists.

Anonymous
1 year ago

All of them if you have the qualifications. They’re targeting Latin America so can you speak Spanish? Real Spanish not Miami Spanish where you throw in English anytime you don’t know the Spanish word.

Anonymous
1 year ago

Spanglish ? 😉

Anonymous
1 year ago

So wonderful to live in a bilingual city where you can play with 2 languages and they understand you. I can only think of Montreal in the Americas where this is true. We should be proud!!!

Anonymous
1 year ago

whoever works there will become locals!

Anonymous
1 year ago

Of course, but Mr Pessimist doesn’t get it.

Anonymous
1 year ago

Are you 12 ?

Anonymous
1 year ago

They wouldn’t though

Anonymous
1 year ago

Offshore capital usually means dirty money. We already have lots of that already in this banana land.

Anonymous
1 year ago

LOL.. Jealousy is a sin

Anonymous
1 year ago

No it doesnt

Anonymous
1 year ago

No, it does not. I have worked for 30 years in Latin America for American companies. I have done around US$ 700 million dollars in sales. I made good money and moved here to have a good life. Your comment is quite racist and diminishes honest hard working people.