Half the dollars they handle in Uruguay management consultants and wealth managers -professionals who advise high-income individuals on investments- they come from Argentinesaccording to the Central Bank (BCU) of the neighboring country.
Of the 36,170 total clients these managers had at the end of 2022, nearly 64%, or 23,025, are Argentines. Which in turn represents 12.1% more than in 2021, just under the 21.5% which increased the total number of clients of these professionals.
The portfolio is completed by approximately 4,781 Uruguayan customers (42.1% more than in 2021), 1,868 Brazilians (16.6% more) and 6,496 of other unspecified nationalities (52.6% more than one year against the other ).
Of the total funds they manage, approximately US$28,930 million invested in various instrumentsJust over half (50.9%), 14,733,767 million dollars, correspond to Argentine money, according to the Uruguayan newspaper El País, based on information from the BCU.
There were almost 2,500 more customers of Argentine nationalityWhile total assets down $2.4 billion compared to the previous year.
The rest of the billions of dollars they manage are distributed as follows: He 32.4% (US$9,357 million) belongs to other unidentified nationalitiesHe eleven% (US$3,176 million) to Uruguayans and 5.7% (US$1,162 million) to Brazilians.
These assets under management decreased by 6.2% in 2022 compared to 2021, which can be explained by the sharp drop in the markets during the year.
According to data released by the Central Bank, the majority of the $28.93 million under management at these companies was placed in investment funds (38.2%) and fixed income (34.9%). The rest was distributed: 10.1% in other equities, 7.9% in other unidentified instruments, 6% in equity index-linked instruments and 2.9% in structured products.
BCU authorized consultants and executives had 161 offices in 2022 (seven more than end 2021) and employed 951 people (109 more than end 2021) at end 2022.
In the definition of the Uruguayan Central Bank, “portfolio managers are considered those legal entities which they professionally and habitually manage –on a discretionary and individual basis– THE third party investments within the scope of the administrative powers conferred by them and who are not reached by another figure supervised by the Superintendence of Financial Services”.
Charles Arterburn is a seasoned business journalist for News Rebeat, where he provides comprehensive coverage of the latest trends and developments in the world of finance and economics.