Mora Wealth Management has launched an office in Miami in light of “a growing Latin American affluent investor market,” which the firm notes has grown by 18.1 per cent in millionaire wealth since 2007.

The Miami office, led by chief executive Eli Butnaru, will provide estate planning, custody services, asset management, private banking and wealth planning. Its location “positions it geographically” to manage capital flows and clients across Europe, Latin America and North America, the firm said.

The firm has made three new executive hires in the past year and told Family Wealth Report that it plans to recruit three staff and fill two marketing positions within the next three months.

Latin America has emerged as an “increasingly attractive investment market,” according to Butnaru. “With GDP growth and legal reforms in countries like Colombia and Peru, the region is considered much less risky than in years past when greater instability ruled.”

Private equity funds raised a record $8.1 billion for Latin America in 2010, with private equity investments increasing five-fold to $17.2 billion, as reported by the Latin American Venture Capital Association. At the same time, assets under management of Brazilian hedge funds increased 23 per cent.

Mora Wealth Management serves high net worth individuals, family offices and institutional clients, with offices in Miami, Zurich, Switzerland and Uruguay. The firm belongs to the MoraBanc group, which has some €6.3 billion (around $9.9 billion) under management, as at 31 December 2011.