Sanctuary Wealth has launched a new subsidiary designed to service the Latin American market, and has opened a new office in Miami to support it, the company announced today.
Bob Walter, president of Sanctuary Securities, will be relocating to Miami to co-lead the new Sanctuary Global subsidiary with Vince Fertitta, president of Sanctuary Advisors. Fertitta will focus on the domestic-based advisors, while Walter oversees the global platform and offshore expansion.
In addition to establishing the Sanctuary Global headquarters office in Miami, Sanctuary expects to open offices throughout Latin America in the coming months.
Sanctuary founder and CEO Jim Dickson said in a news release that Miami was the perfect hub for his company’s new business unit, and that response to its global offering, particularly from international wirehouse advisors, had exceeded expectations.
"This is a very exciting time for Sanctuary,” Dickson said in the news release. “Not only are we launching Sanctuary Global and opening our Miami office, but we have a record pipeline of new partners and growth that we are excited to onboard in the coming weeks and months.”
Through his firm’s partnership with the Azimut Group, Dickson said that Sanctuary could offer those advisors worldwide a new opportunity to better serve their clients through its partnered independence business model.
Last month, Azimut completed its purchase of a 55% majority stake in Sanctuary via U.S. subsidiary AZ US Holdings Inc., for a reported $50 million, a spokesperson confirmed.
According to the news release, the equity investment has not only financed the expedited buildout of Sanctuary’s platform, but enabled the firm to actively participate in the current record level of M&A activity. Over the coming months, Sanctuary said it would announce several new acquisitions and additional new platform enhancements.
Founded in 2014, Sanctuary Wealth's network includes 45 partner firms across 18 states with over $15 billion in assets under advisement.