Vanguard Group is planning a new Miami office, according to Bloomberg.
It won’t be large – the office is expect to serve 30 financial intermediaries at first, each managing $10M to $50m – but it is a sign of the growing importance of Miami as a financial center.
Vanguard Latin America head Juan Hernandez told Bloomberg that Miami “is becoming the wealth-management hub for Latin America.”
The company is the world’s second largest asset manager, with $7.6 trillion in assets.
Vanguard is expected to lease the new Miami office in 2024. The company already has two employees here using shared space and working remotely.