The wealth management house has set up onshore operations in the Latin American country and named managing partners to lead the business.

Switzerland-listed EFG International, which recently announced interim results, announced today that it has recruited Benjamin Hughes and Gonzalo Ferrer as managing partners of EFG Chile.

As previously announced, EFG International intends to establish an onshore business in Chile. It plans to operate as a local brokerage firm, which will enable EFG Chile to offer Chilean clients a combination of local and international wealth management services. Subject to regulatory approval, it expects to be fully operational by the end of this year, and will be the first Swiss private bank to operate in Chile with a local brokerage licence, the firm said in a statement.

Hughes has more than 15 years of experience in the Chilean market, notably as wealth management director at Celfin Capital for seven years, setting up and leading a new wealth management division, and establishing it as one of the country's prominent firms, the statement said. Prior to this he spent five years as a senior corporate relationship manager at Banco Security.

Ferrer has over 18 years’ experience in local and international markets. He was a managing director of Celfin Capital – BTG Pactual for over 10 years, where he had senior roles in investment banking, structured products, capital markets and corporate banking.

To see the recent EFG International results, click here.