Wealth management firm Insigneo Financial Group has wrapped up the acquisition of the Latin American (LatAm) consumer brokerage and advisory accounts of PNC Investments, PNC Managed Account Solutions, and PNC Bank.
For Insigneo, the acquisition is said to be a significant milestone as it expands its Mexican client base and geographic presence through new offices in Texas.
Following the closing of the deal, clients of PNC’s Latin America brokerage and advisory business are expected to get all the benefits of Insigneo’s focused global wealth management approach and international capabilities.
According to Insigneo, the closing of the deal solidifies the company’s dominant position in the global wealth management sector.
Besides, the firm remains focused on its alternative business model along with driving growth through strategic merger and acquisition activities.
Based in the US, Insigneo offers a portfolio of services and technologies to support investment professionals to serve their clients across the globe.
Insigneo is said to possess more than $21bn in supported customer assets.
Insigneo Financial Group chairman and CEO Raul Henriquez said: “The acquisition of PNC’s Latin American brokerage and advisory business underscores Insigneo’s commitment to global wealth management.
“We recognise the importance and relevance of the Mexican market and see this as a strategic move to immediately establish a relevant presence in that market, while positioning Insigneo to harness new opportunities in the region.”
The deal was announced in August this year.
As per the terms of the agreement, PNC maintains control over deposit and loan accounts, while customer assets within the brokerage and assets under management are transitioned to Insigneo.
