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UBS to open new unit in Miami

Zurich-based UBS Group AG is opening a new unit in Miami that will focus on Latin American independent wealth managers, reported, citing UBS' head of financial intermediaries, Stefano Veri.

The license for the new branch is due, the report said.

Mariana Gregori was appointed to head the Miami unit. Gregori was most recently the chief of staff for Veri.

The Miami branch is expected to generate 20% to 30% of the company's international financial intermediaries business, the report said, citing the bank's plan.

UBS is also considering expanding into other jurisdictions, but would first like to build up its Latin American clients in the U.S., the report said.