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 then doubling over the past decade to $25,000 in 2010. Amid this wealth creation, it has been hard to ignore the number of international banks and asset managers ramping up their coverage of the region, particularly in Chile and Brazil.

Over the past five years, Credit Suisse has established onshore wealth management offerings in Brazil, Mexico and Panama, with a presence in Chile for over twenty years, according to Andrea Cuomo, the private bank's country head for Chile. Previously the firm provided a more limited range of services there, and clients were not managed locally, which created weaker client relationships, Cuomo told WealthBriefing, adding that a local presence was essential for long-term success in the country's private banking market.

In Chile, Credit Suisse will focus particularly on the ultra high net worth client segment, offering portfolio management, investment consulting services and portfolio advice, as well as providing future securities custody services.

“ development is a first step to become a full-fledged broker-dealer in Chile. Their plan is to grow organically and to get the licensing in place,” commented Javier Paz, a senior analyst at Boston-based Aite Group who specializes in the Latin American wealth management sector. He also added that the firm had a “very high end client base” and its decision to grow organically in the country could indicate a lack of buying opportunities in this space.

As part of Credit Suisse's growth efforts in Chile, the firm expects to ramp up its team of relationship managers with “a view towards delivering a better service to an increasing number of high net worth and ultra-high net worth clients,” Cuomo confirmed. The bank was unwilling to disclose hiring targets, however.

One result of wealth managers’ interest in doing business in Latin America has been a surge in demand for individuals with experience in the region. Demand for local talent in banking and wealth management drove up compensation significantly last year, according to a report from executive search consultancy Boyden released last October.

The picture is sometimes mixed in Latin America, however. 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.