Andbank has purchased the asset management business of the Miami-based firm Swiss Asset Advisors, as part of its international growth strategy.
Further, the deal will allow the acquirer to start consolidation in its wealth management branch in Miami, and the rest of the team of Swiss Asset Advisors.
Following completion of the acquisition, which is yet to receive regulatory approvals, Andbank will close 2013 with more than $17bn in assets under management, double its size during the last five years.
Andbank Wealth Management Miami managing director Javier Rodríguez Amblés said this agreement "implies a huge step in our internationalization project, which began in 2000.
"It gives us the opportunity to increase our presence from 5 to 11 countries, doubling the number of employees and increasing our assets volume to annual rates close to 20%, keeping one of the sector’s highest solvency ratios," Amblés added.
Established in 2008, Swiss Asset Advisors offers high-end global investment services to wealth management clients.