The closure will not, however, affect the wealth manager’s strategy for the continent, as it previously served clients based there from the US and Europe, and the latest decision “aligns” that strategy across Latin America, the firm said in a statement.

“Investment representatives based in the US – as well as private bankers based in Europe – work closely with clients throughout Latin America to meet their investment needs,” it continued.

Furthermore, the firm has reiterated its strategy of growing this business, following the expansion of its LatAm team based in Switzerland and the US last October. In the Americas, Narciso Muñoz was hired as an investment representative, based at the firm's Miami office. In Switzerland, Isaac Topel and Andres Cazenave joined Barclays Wealth's Geneva office as private bankers specialising in Latin American clients. At the time, the firm’s global team serving this market was around 70 strong.

Barclays Wealth declined to comment on any job cuts resulting from the strategic decision.

According to Credit Suisse’s World Wealth Report, absolute wealth in Latin America has shot up from $3.3 trillion in 2000 to $8 trillion today. Average wealth has also grown steadily, more than doubling over the past decade to $25,000 in 2010.

Most international banks are keen to gain a slice of the growing pie of private wealth in Latin America, but they take various tacks in serving this client segment. Late last year, Bank of America Merrill Lynch said it had shut its wealth management business serviced from Brazil as part of a move to squeeze costs and improve profitability. Last week, however, Credit Suisse received a broker-dealer licence in Chile, allowing it to offer wealth management services locally to high net worth clients in the country – a key part of its strategy for the continent.