BBVA breaks into US RIA space

The global firm’s first investment advisory office in Miami will initially cater primarily to high-net-worth clients from Latin America.

A new player has entered the RIA fray in the Southeast. BBVA Group has announced the launch of BBVA Global Wealth Advisors, a new venture in Miami.

The firm aims to provide specialized investment advisory services to high-net-worth individuals from Latin America.

The expansion into the United States complements BBVA’s existing wealth management services in Switzerland and Spain.

Initially, BBVA Global Wealth Advisors Inc. will focus primarily on clients from Latin America looking for international investment advisory services in the US. Generally, its services will be available to non-US residents with a minimum of $500,000 in AUM.

The firm will offer nondiscretionary portfolio management, advisory, and wrap fee accounts, among other services, as it looks to meet the unique investment needs of its clients.

The initiative is part of BBVA’s broader effort to coordinate asset management, investment advisory, and private banking services across its global footprint, through BBVA Asset Management & Global Wealth.

“The opening of BBVA Global Wealth Advisors in Miami will allow us to advance the integration of the local and global capabilities of BBVA’s wealth management, enhancing the value proposition for our clients,” Jaime Lázaro, global head of BBVA Asset Management & Global Wealth, said in a statement.

“Establishing our own US-based investment advisory service for the Group’s high net worth clients is a critical component to our value proposition in our service to these clients,” said Murat Kalkan, head of BBVA Global Wealth Advisors.

Miami has emerged as a desirable destination for some of Latin America’s wealthiest, with some looking to get away from regional turmoil while others seek better yields in the land of opportunity.

“Launching this service in the biggest wealth management market in the world will allow us to strongly complement the Group’s overall offering in this space, and address a highly demanded need of our clients across various geographies of our footprint,” Kalkan said.