The new company, to be called BPA-IPWM (Suisse), is to be based in Geneva, Switzerland. It will focus on asset management and estate planning for its clients using the US brokerage and asset management services of Southern Trust Securities and the fiduciary services of IPWM Trust Services.

BPA, the 50-year old Andorra-based bank, has offices in Uruguay, Mexico, Luxembourg, Spain and Panama, and maintains a large private banking and wealth management client base, said a statement.

"We are proud that Banca Privada de Andorra and IPWM have chosen to give their clients access to STS's broker dealer platform for this exciting new business venture. Having access to potential large European customers will allow STS to continue to grow its core brokerage and asset management business,” said Southern Trust Securities chief executive Robert Escobio.

In 2008, Florida-based Southern Trust Securities teamed up with International Private Wealth Management to open offices in Spain as part of a new joint venture. The joint venture company, called IPWM Spain and owned 50/50 by the two firms, opened offices located in Barcelona, San Sebastian and Marbella.