Grand Cayman-based Cainvest International Bank is seeking expansion in Latin America by partnering with family offices, Bloomberg reports.

“We decided it’s the best way to offer proper service to our clients and have a high-quality front office without needing too heavy a structure,” Cainvest chief executive, Charles Aboulafia, reportedly said in an interview with the news service.

The firm is controlled by Brazil's Cohab Aboulafia family, a large producer of polyester tissue, according to the report. 

“We are planning to grow in the wealth management business using relationships that we already have with our clients from the industrial unit,” Aboulafia is quoted as saying.

Barreto & Partners and Countryserv are two of the family offices Cainvest has joined with under the new strategy. The strategy sees the firm pay 25 per cent of net revenue to the family offices and also pays them a commission when they introduce new clients, the report said. 

At present, Cainvest has agreements with 10 family offices but plans to add about 15 others, Aboulafia added. The firm is targeting assets under management of about $1 billion in two years.

Cainvest typically targets clients with between $1 and $5 million to invest.