Swiss Bank Expands Presence in U.S.

Bank Vontobel will open an office in Miami in coming months, in an expansion of its U.S. onshore presence.

Zurich-based Vontobel will launch a wealth management office in Miami, its second in the U.S., CEO Zeno Staub said on Tuesday. The Swiss bank is the latest in a host of wealth managers to head for the Florida city, a hub for Latin American money.

Vontobel has the local market in mind: Within the U.S., there is a migration of wealth from the North to the South, Staub said. More and more local wealth is going to Florida.

East coast states like New Hampshire and Connecticut are traditionally havens of wealthy individuals, but that is changing. A shift on Wall Street, which began shifting towards Florida during the pandemic, may also be playing a role.

Vontobel’s approach is asset-light, in that just as in Hong Kong, in Miami it will book its wealthy clients’ assets in Switzerland, the outlet reported. The bank follows the same approach in New York, where it opened an office four years ago.