Bancolombia has received authorization from US regulators to open a US-based RIA and broker-dealer as part of its expansion into the US offshore market.
The Securities Exchange Commission and Financial Industry Regulatory Authority (Finra) have given the Colombian group the greenlight to open its new Miami-based business offshore advisory business Bancolombia Capital, a process which it began in September last year.
‘Receiving clearance from Finra and the SEC is a critical milestone in deepening our international value offering. We hope to start our stockbroker and investment advisory operations as of August this year,’ said Bancolombia’s corporate Vice President, Mauricio Rosillo, in a statement.
‘This is an offer that responds to the call of our clients, who want to have their portfolio abroad backed by the solidity of Grupo Bancolombia.’
Bancolombia Capital’s brokerage will give its clients access to international fixed income and equities and mutual funds. Meanwhile, through its RIA it will provide advice to its clients and manage their portfolios in offshore accounts.
The group’s Miami operation will be led by Juan Felipe Giraldo, who was the president of Valores Bancolombia and who has almost 23 years’ experience in that firm. Jorge Alberto Arango Espinosa has stepped down as vice president of investment management of to take over Giraldo’s previous role.
Bancolombia follows in the footsteps of fellow Latin American financial group Sura which also recently launched a Miami-based RIA and broker-dealer.
Grupo Bancolombia manages over $77bn in assets across its banking, asset management and advisory services.