Talking about his goals in Latin America, the president of the wealth management boutique BlackTORO Global Wealth Management, Gabriel Ruiz, wants the Latin American public to have them “among their options.” Based in Miami, with a presence in Argentina, Mexico, and Chile—where they recently held their first event—they are now seeking partners to enter new markets. Their focus is on Peru and Colombia, as well as Venezuelan clients residing in the U.S.
Anchored in an RIA (Registered Investment Advisor), the firm provides advisory services to Latin American clients who want to invest in global assets, whether they reside in their home countries or the U.S. The model they use involves utilizing BlackToro as an offshore platform and establishing strategic alliances in Latin American markets, the executive explains in an interview with Funds Society. The goal, he emphasizes, is not to open their own offices in the region.
“There are already enough and exceptionally good players in the domestic markets in Latin America. What we believe we can be is excellent complementary partners for those players,” he notes, referring to brokerage firms and banks that have not fully developed their offshore advisory capabilities.
After signing an agreement this year with SORO Wealth, a wealth management firm based in Monterrey, Mexico, they are currently looking for strategic partners in Peru and Colombia. They are already exploring both markets and holding meetings with interested parties.
Local Dynamics
In Peru, Ruiz points out that the local market could be a good fit for this system, with firms that could benefit from a window to global investments, much like those in Colombia.
In Venezuela, they also see an opportunity, though not on the local front. “It’s a bit more complicated, obviously, in the domestic market, but the Venezuelan community that has been living in South Florida for 20 years is enormous,” he explains, with a variety of established business clients who still maintain a “Latin root.”
Overall, Ruiz has already set a clear goal: “We want to become a wealth management boutique that is at least in the top three.”
The Latin American Logic
Not all investors are the same, with different contexts influencing decision-making. In this regard, the president of BlackToro highlights the importance of understanding the logic of clients. “Not all products, investment strategies, and portfolios are designed for the idiosyncrasies of Latin Americans,” he comments.
Many financial products are designed with American and European investors in mind, he explains, who face low unemployment rates and institutional risks in their businesses.
“The role that savings play for a Latin American is not the same as for an American. That’s why Americans are much more willing to take on volatility risk,” he adds. Latin Americans tend to experience more volatility in their income and wealth sources, so they see their savings as an anchor.
Approaching Chile
The firm already has Chilean clients, relying on their strategic partner in the Andean country: the law firm Bruzzone & González, a legal office specialized in corporate, tax, and accounting matters. With this, Ruiz explains, they have local support with the necessary expertise for offshore investment structuring.
“We want to be perceived by affluent investors as a good option when deciding whom to turn to for advice on investing in global markets,” says the president of the boutique.
Strengthening ties, the firm held its first event in Santiago, in one of the halls of the Ritz-Carlton hotel, located in the Las Condes district. The event featured presentations by Ruiz and BlackToro’s chief economist, Fernando Marengo.
The keynote speaker at the seminar was economist Vittorio Corbo, former president of the Central Bank of Chile, who described a country that, while facing challenges such as investment and growth, does not have major macroeconomic issues. With a trend growth rate estimated at 1.8% annually for the 2025-2034 period, he called for efforts “to reverse this.” He also urged, “Let’s not sell Chile short,” highlighting the country’s institutional, macroeconomic, and financial stability.
Subsequently, lawyer Osiel González, partner at Bruzzone & González, joined the event, addressing topics related to jurisdiction, asset protection, and tax efficiency.
