PKB Group, parent of Swiss-based PKB Privatbank, is expanding into the Latin America market, having recently bought an advisory business in Uruguay and entering talks to buy an asset manager based in Brazil, WealthBriefing has learned.

Latin America is increasingly becoming a hot spot for many international wealth managers: UBS, SocGen, JP Morgan and other firms have increased their presence in the region, attracted by its growing affluent middle class.

Over the past four to five years, PKB Group has intensified its attention on the Latin American market, focusing on the needs of high net worth individuals, based on- and offshore, a spokesperson for the firm told this publication.

As a result of this commitment the firm acquired Consultotia, an advisory company based in Montevideo, Uruguay. PKB is also in talks with a Brazilian group in order to acquire a stake in an asset management company that has offices across the country, the spokesperson said. However, the bank did not disclose the name of the asset manager in question.

PKB is confident it will finish the negotiation process before the end of October. The investment will be seen as a strategic step which allows PKB to participate in one of the fastest growing wealth management markets.

Also, PKB recently completed an acquisition of Banca Gesfid, the Lugano-based private banking firm, as part of its regional expansion.

Following the acquisition, PKB, which manages more than SFr5 billion (about $5 billion) in client assets, added SFr1.6 billion managed by Banca Gesfid as well as appointing Ferdinando Coda Nunziante as a new chief executive of Banca Gesfid.

The management team will steer the integration process of Banca Gesfid within PKB Privatbank within the next four to six months, the firm said.