UBS has brought in three professionals to expand its wealth management division in Mexico, in a move it says confirms its commitment to the market there.

UBS has brought in three professionals to expand its wealth management division in Mexico, in a move it says confirms its commitment to the market there.

The team includes Jaime Preciado Lopez Hidalgo, who will lead the Guadalajara metropolitan region, Gabriel Gomez, who will lead the Monterrey region, and Enrique Ignacio Morales Abiego, as a managing director in the Mexico City team.

The three will work for the wealth management division in the country, led by Nicholas Troillet, as personal consultants for the Swiss firm’s bank customers. It is not clear where the trio join from, and UBS did not provide further comment at the time of publication.

"This announcement confirms the commitment of UBS with the Mexican market, a market with a great growth potential,” said Troillet.

Mexican GDP posted positive growth of 5 per cent in 2010, according to the CIA, boosted by exports to the US. The country, along with Brazil, is predicted to be one of the main sources of growth in the high net worth client market in Latin America. Overall, the continent’s wealth market grew by 8.2 per cent last year, according to a report by Boston Consulting Group.

A number of other financial services companies have strengthened their ties with the country lately. For example, BlackRock added Marco Antonio Slim Domit, son of multibillionaire Carlos Slim, to its board of directors in September. Slim Domit is the chairman and chief executive of Grupo Financiero Inbursa, a Mexico-based holding company that provides banking among other services.

In August, BNY Mellon appointed Diego Folina as country executive in Mexico, charged with overseeing the expansion of the firm's local capabilities across all business lines in the country.