Merrill Lynch is concentrating on serving the wealth management needs of clients outside of the US in select markets as part of a new global strategy.

Three years after selling its international wealth management business to Julius Baer, Merrill Lynch is refocusing on clients with at least $2.5 million in investable assets outside of the US.

The firm said it will assemble a group of US-based international advisors to serve wealthy families in 29 countries where it can “responsibly” provide goals-based wealth management.

It has identified eight core markets – primarily surrounding Canada and in Latin America – and will then extend its services in 21 other countries where clients must meet a $5 million threshold.

Core countries include Brazil, Canada, Chile, Colombia, Dominican Republic, Mexico, Panama and Peru. “Limited-coverage” countries will include: Argentina, Australia, Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Costa Rica, Curacao, Ecuador, El Salvador, Guatemala, Honduras, Hong Kong, India, Israel, Jamaica, Philippines, St Maarten, the United Kingdom, Uruguay and Venezuela.

The news comes at a time when some firms have wound down their operations in regions such as Latin America. In 2013, Barclays Wealth & Investment Management sold its Miami, FL- and New York-based LatAm and Caribbean businesses to Santander Private Banking. Meanwhile, RBC closed an office in Chile and HSBC in Switzerland sold a book of business with LatAm clients to LGT Bank.

Merrill Lynch told this publication that the sale its non-US wealth management offices to Switzerland's Julius Baer in 2012 led to a reassessment of its international licenses, ultimately supporting its decisions around how it might work with international clients going forward.

“Going forward, our IFAs will complete rigorous training and submit to an annual attestation to ensure that they are best-in-class,” Merrill Lynch said in a memo seen by Family Wealth Report.

“Current non-resident clients living outside the 29 target countries will need to end their relationships with Merrill Lynch. We regret this and recognize their advisors will have difficult messages to deliver. We will see to it that these advisors have ample time to help clients transfer their funds to Julius Baer or another firm, or to liquidate their assets.”

The firm has set a January 29, 2016, deadline for existing clients in its 29 target countries to increase their account balances to above $1 million, while accounts outside of those countries must be closed over the next 18 months, it said.