LatAm wealth shop enters offshore industry with RIA launch

Peruvian wealth management firm Zest Capital is launching a US-based RIA as part of plans to expand its client base across Latin America, the firm announced on Thursday.

The Lima-based group, which bills itself as a wealthtech firm, has received approval from the Securities Exchange Commission to launch an RIA business that will allow the firm to offer offshore wealth management services to a broader range of clients, according to its announcement.

Zest seeks to compete with Peru’s private banks to serve retail and mass affluent clients and has partnered with Brazilian financial services firm XP to access its international platform in Miami to broaden its product offering.

‘Achieving our RIA license allows us to present Zest to Latin America as a wealth manager that adheres to the highest level of compliance and interacts with top-tier strategic partners,’ said Arthur Silva, Zest’s founder.

‘XP is a role model to Zest and gives us all the tools to keep growing in Peru and expand our brand across the region with technology solutions and market access that is 100% aligned with our clients’ interests.’

In the six years since its launch, Zest has grown its assets under management to close to $ 500m and is preparing to initiate a series A funding round in 2023, it said.

Rafael Pina, head of wealth services at XP International in Miami, said: ‘A few years ago, XP started a transformative process in Brazil to encourage customers to seek alternatives to large banks through investor education. Today we see Zest’s team replicating this same philosophy with their clients in Peru, and soon across Latin America. ‘

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