A group of Latin American executives have launched a new Miami-based independent RIA catering to private clients and institutional investors across the US and Latin America, Citywire has learned.
The new RIA, Black Toro Asset Management, is headquartered on Brickell Avenue and was formed by seven invesment management veterans: Gabriel Ruiz, the new group’s president; Matthew Beem, its chief investment officer; Fernando Marengo, its chief economist; Alejandro Goldaracena, its chief operating officer; Xavier Tarradellas, its head of business relationships; and Cooper Abbott and Ricardo Arriazu, members of its advisory board.
The firm provides a suite of financial products, including its own Cayman-based mutual funds, US equity portfolio and discretionary and non-discretionary advisory services, according to an announcement shared with Citywire on Wednesday.
Black Toro was initially granted its RIA license in September last year, according to information from the Securities and Exchange Commission, but has also just now announced its launch as it looks to ramped up its advisory business, Ruiz said.
‘Given the team’s deep roots and keen understanding in the region, clients based in Latin America are able to rely on Black Toro’s local knowledge of economic and financial issues, as well as draw upon the team’s unique international experience in financial markets, macroeconomics, portfolio management and US-based private markets,’ the firm’s announcement said.
Ruiz, has more than 30 years’ experience in the financial indusry and currently serves as president of Latin American asset manager Delta Asset Management, where he has worked since 2005. In 2020, he relinquished his day-to-day duties at Delta AM after he stepped down as its CEO to be able to pursue other outside activities.
He will continue serving in his post at Delta AM while also leading Black Toro. The Miami RIA has no business affiliation with Delta, Ruiz said.
Meanwhile, Beem has nearly two decades of experience in finance, working most recently as EFG Bank’s country head for Uruguay and serving in representative offices in Montevideo and Punta Del Este, according to Black Toro.
Marengo has spent more than 25 years in finance and has worked at Argentine international financial and economic advisory firm Arriazu Macroanalistas.
Goldaracena had been with Delta AM for 10 years before his exits last summer. During that time he acted as its deputy director, compliance officer and chief operating.
Tarradellas most recently worked as a licenced external asset manager based in Buenos Aires, Argentina. He also previously served as head trader for Bahia Blanca Sociedad de Bolsa where he helped grow its brokerage business in Latin America.
He spent more than 17 years at Citi in various trading- and investment-focused positions, according to Black Toro.
Miami’s RIA boom
Black Toro is now one a of a slew of firms which have recently established offshore wealth operations in the Magic City as Latin American wealth managers look to capture local and international assets.