JPMorgan’s offshore shift in LatAm reaps strong growth in private banking
Having closed its onshore private wealth businesses in Brazil and Mexico, the US firm had a standout year in its Latin American private bank in 2021.
In 2021, JPMorgan Latin America Private Bank recorded its strongest growth in assets under management for at least a decade – notching up more than $20 billion of new funds, according to its chief executive Edinardo Figueiredo.
The US firm hired around 35 private bankers last year to its LatAm private banking business – the majority to its Miami office – and Figueiredo expects to hire a similar number this year and next. He also says the bank is close to launching a specialist unit for multi-family offices in Miami, which will be led by Gonzalo Rodriguez del Valle, recruited back to the bank after a short period at Ernst & Young.
Brazil was a very difficult place to compete … and so we decided to focus on our core business
The growth is particularly notable as it came after the US bank’s decision to close its onshore private wealth businesses in Brazil and Mexico. In late 2020, JPMorgan exited onshore private banking in Brazil, referring R$20 billion ($3.6