Diagonal has been launched with $200m in client assets. Image by Peggy und Marco Lachmann-Anke from Pixabay

Sanctuary Wealth has launched Diagonal Investment Office in Miami to offer family office services to ultra-rich Latin American customers.

Launched with $200m in client assets, the firm will cater to ultra-high-net-worth (UHNW) individuals looking to invest in the US.

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The new firm, which is regulated by both FINRA and the SEC, is led by founders and managing partners Rodolfo Rake and Santiago Rey.

Commenting on the move, Rake said: “At Diagonal, we are creating a boutique family office model partnered with Sanctuary Global, which allows us to have an open architecture and be independent but with the backing of a $25bn firm.

“Being a part of Sanctuary allows us to have our own broker dealer without the need to always execute transactions through a third party.”

Rake began his financial services career with Smith Barney in 2005, working with institutional as well as private clients.

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Rey, who spent four years with Banco de Credito BCP in Peru, said: “Diagonal is different from many of the teams joining Sanctuary Wealth because rather than breaking away from a wirehouse, we are building a new business from scratch.

“Both Rudy and I have extensive experience helping Latin American clients navigate the intricacies of investing in the US.”

In August, Sanctuary Wealth added Texas-based The Alteri Group, a six-person team, to its network of independent advisors.

In July, the wealth manager secured $175m of fresh investment from US-based private credit manager Kennedy Lewis Investment Management to fund its future growth and business strategy.