Miami-based registered investment advisory firm GenTrust will open an office in San Juan, to carry out its fiduciary duty to its clients, company officials announced.
According to a report published by CityWire, GenTrust handles some $400 million in assets for clients based in Puerto Rico.
“Our team has more than two decades of experience servicing Puerto Rican institutions and clients,” said George Pérez, founding principal of GenTrust.
“It was natural for us to open an office in Puerto Rico given our thorough understanding of the economic and developmental needs of the region,” he said.
“We’re focused on being fiduciaries to our clients, a responsibility that we believe has been long overdue in the Island’s investment community. We’re thrilled about expanding beyond our New York and Miami offices,” Pérez said.
GenTrust will hire financial advisors as well as support staff to service clients from the island.
The new office, which is located in the El Caribe office building, will be led by Elena Hernández, Principal of GenTrust Puerto Rico and wealth advisor.
Hernández was born and raised in Puerto Rico and was the first graduate from the University of Puerto Rico, Río Piedras Campus, to be recruited by Goldman Sachs upon graduation.
“We believe the economy of Puerto Rico has an encouraging future and we feel the time is right to establish our office so we can provide transparent, solution-oriented investment and wealth management services,” said Hernández.
“Our focus, priority and responsibility as fiduciaries is alignment with the interest and well-being of the client; this focus and different type of asset management service is crucial to the wellbeing of Puerto Ricans and the island’s economic growth. This is our industry’s future,” she said.
“We believe we are uniquely qualified to help the Puerto Rican entrepreneur, investor, individual, family and institution preserve and grow their wealth,” said Hernández.
According to its website, GenTrust advises on some $2 billion in assets for high net worth individuals, families, family offices and institutions.