Saxo Bank, the Copenhagen-headquartered online trading and investment firm, is growing its Latin American footprint with the acquisition of NVN Securities, Agente de Valores, a Uruguayan broker.

Following approval by the authorities in Uruguay, the new firm will operate as Saxo Capital Markets, Agente de Valores, serving clients throughout the region. It will be led by Luis Simões Pereira, who has worked in the financial industry since 1996 and joined Saxo Bank in 2006.

"Teaming up with them [NVN Securities] will allow us to expand our presence in a continent where some of the most vibrant economies in the world are located," Pereira said. "We have seen a substantial and consistent increase in trading activity by Latin American investors, much of it resulting from an improving economic situation and fast development in technological infrastructure."

The firm said its decision to expand in the Latin American region is part of its ongoing development strategy. Other areas in which it has expanded overseas since 2006 include Tokyo, Singapore, Hong Kong, London, Zurich, Dubai and Paris.

In a sign that Latin America is increasingly perceived as an important market, many US firms have been making hires and launching offices in recent months to serve clients across the region. In June for example, Mora Wealth Management established an office in Miami in light of “a growing Latin American affluent investor market,” which the firm noted has grown by 18.1 per cent in millionaire wealth since 2007. RBC Wealth Management also made a key hire in Miami, appointing Rodrigo Buller Souto as director of its international solutions team back in April.

Additionally, in July Lloyds TSB Private Banking named Jorge Kalledey as head of its high net worth Latin America business.

Saxo Bank was founded in 1992 by co-chief executives Kim Fournais and Lars Seier Christensen.