The new, Miami-based firm says it is creating a boutique family office model partnering with Sanctuary, the US wealth management group.

Diagonal Investment Office, which is based in Miami and serves ultra-high net worth Latin American clients investing in the US, has fired off the launchpad. At launch, it already has $200 million of assets under management.

The business, which partners with Sanctuary Wealth, the US wealth management network, is led by founders and managing partners Rodolfo “Rudy” Rake and Santiago Rey.

“At Diagonal, we are creating a boutique family office model partnered with Sanctuary Global, which allows us to have an open architecture and be independent but with the backing of a $25 billion firm,” Rake said.

“We are regulated by both FINRA and the SEC. Being a part of Sanctuary allows us to have our own broker-dealer without the need to always execute transactions through a third party. With Diagonal, we are taking a US fee-based model of fiduciary wealth management that leads with financial planning and adapting it to our Latin American clients. For these and more reasons we differ from a typical family office.”

The launch of the business is also an example of Sanctuary’s partnership business model. Family Wealth Report interviewed the business here.

Backgrounds
Rake started his financial services career in 2005 with Smith Barney in New York working with institutional and private clients. At Morgan Stanley Smith Barney, he worked with pension funds, insurance companies, mutual funds, banks, family offices, high net worth, and ultra-HNW individuals and families in Latin America and the US. In 2013, he moved his practice to Miami.

Rey spent four years with Banco de Credito BCP in Lima, Peru as a portfolio manager before joining JP Morgan in New York in 2007 where, as an executive director, he headed the New York and Geneva investment desks. Prior to the launch of Diagonal, he was a partner in GAMNIC Family Office and founder of Accorde Invesiones Familiares (Accord Family Investments) in Lima, Peru.

The other figure is senior portfolio associate Gisselle Balza. She brings more than 18 years of experience to the position including almost seven years as private wealth management associate with Morgan Stanley in Miami.

The Sanctuary Wealth network includes partner firms in 28 states across the country with a total of around $25 billion in assets under advisement.