Biscayne Capital, a Uruguay-based private banking firm, has opened a new wealth management office in Nassau, Bahamas.

As part of the launch, the firm has appointed Stephen Coakley Wells as managing director of its new Bahamas operations.

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The new Bahamas office will deliver arrange of services for international businesses such as incorporation, registered office, agent and administration services, corporate officer as well as director nominee services.

Additionally, it will also offer investment management and advisory services for individual investors.

Coakley has joined Biscayne Capital from Merrill Lynch, where he worked as international financial advisor offering financial solutions for high and ultra-high-net-worth clients in Latin America and the Caribbean region.

Prior to this, Coakley served as a senior wealth advisor for Latin America and the Caribbean at a global tier financial institution based in Switzerland.

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Roberto Cortes, co-founder and director of Biscayne Capital, said: "His commitment to a personalized and strategic approach to help clients make informed decisions about managing, conserving and enhancing their wealth makes him a perfect fit at Biscayne Capital."

Founded in 2005, Biscayne Capital has over $1 billion of assets under management and a team of 41 financial advisors worldwide. Based in Montevideo, Urugua, it has set up its office in Zurich in 2012.