JPMorgan’s shift to a purely offshore wealth management business in Latin America saw a successful first half of 2022. The bank captured portfolio flows going offshore from the region of around $22 billion in 2021 and a further $10 billion in the first half of 2022.
However, Edinardo Figueiredo, chief executive of Private Bank Latin America at JPMorgan, is cautious about predicting similar momentum for the rest of 2022.
“We had been benefiting from the combination of liquidity events within Latin America and a domestic investment environment that was the lowest ever seen in some countries,” he tells Euromoney. “For example, Brazil had interest rates around 2%, as well as market and political uncertainty, and that certainly helped us grow AuM from that country, but we’re not expecting that dynamic to hold up.”
Figueiredo adds that the political “noise” seen in countries throughout the region in 2022 hasn’t led to capital flight out of these places.
“We
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