Scotia Expanding Wealth Management Centers

Scotiabank has plans to open wealth management centers in Panama, Costa Rica and Chile over the next 9-12 months, Dan Wright, the bank’s senior vice president of international wealth management, tells LatinFinance. In late June the bank opened a wealth management center in Miami to provide private banking services to non-US residents and non-US citizens only. “Because of the flight to safety, investors have been sitting on cash. But partly because of this our assets have continued growing,” Wright explains. He adds that over the last 2 years assets have sees CAGR growth of 30%, but Scotia declines to state how much it manages. The banker also says that he still does not see high-net worth investors in LatAm turning to riskier investments. “They are still careful and conservative in their investments, sticking to fixed income – such as good credit quality bonds – and cash,” he says.