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Old 01-16-2014, 12:43 PM
 
Location: Denver
6,625 posts, read 14,455,500 times
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Quote:
Originally Posted by grapico View Post
Is Latin American Banking even all that important... North America/Europe/Asia are much stronger.
From a outflow investment perspective, Latin American banking is pretty inconsequential globally. The largest banks on the continent don't stack up well with their American & Euro counterparts in terms of AUM and I don't believe they're very aggressive in investing abroad. The real importance about Latin American banking is inflow. As the continent to develop, there are numerous investment opporunities and investors from at home and abroad are taking advantage.
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Old 01-16-2014, 12:45 PM
 
Location: Denver
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Quote:
Originally Posted by Red John View Post
I always ask this question and have been doing so for over a year on this forum. Which Latin American bank headquarters are based in Miami? I never get a response and it's always crickets chirping in the back.

I just put it into Google and honestly some of the small-ish banks from small countries are less developed and less powerful than even something like BBVA Compass out of Alabama. I'm not suggesting every bank from those countries are like this in Miami, certainly not, there are some important ones (like Itau), but are they T.D., Wells Fargo, Goldman Sachs, Bank of America, J.P. Morgan Chase, so on level good? No.

I think Miami has other more important things than Latin American banking personally. I'd probably bet on Miami's Latin American connections to media is far more prominent. Never mind the creative culture, arts, and music industries.
None are headquartered in Miami (or the US at all). I'm not 100% sure of their operations but I believe one of their goals is to get more foreign investment into the country/-ies. There are a decent amount of small Latin American brokerages which deal with South American investors buying into the American market (and vice versa I believe).
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Old 01-16-2014, 12:49 PM
 
6,843 posts, read 10,960,126 times
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Quote:
Originally Posted by tmac9wr View Post
None are headquartered in Miami (or the US at all). I'm not 100% sure of their operations but I believe one of their goals is to get more foreign investment into the country/-ies.
Apparently their United States (operational) headquarters are in Miami, not all from that link but a good amount of them.

Honestly though, from an asset management point of view, how would you rank Miami in the United States and world? This is probably the same ranking to keep in mind when assessing the world's financial capitals, in order. I'm willing to bet Philadelphia is no less than fifth in the United States, New York and Boston probably first and second in this regard.
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Old 01-16-2014, 12:52 PM
 
202 posts, read 320,049 times
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Quote:
Originally Posted by polo89 View Post
Either way, Miami's a solid Alpha -, and it's metro is almost the same size as Philly's. So I wouldn't be surprised if Miami is on Philly's tail. DESPITE what your "Ideal of what should represent America" is. I think Miami would at least make the top 10(maybe 9 or 10) on that list.
Im going to have to continue with it being 11 or 12 behind (no order) New York, Chicago, LA, DC, Houston, San Fran, Atlanta, DFW, Boston, and Philadelphia, with maybe Seattle(maybe a stretch but also a possibility) being ahead of it because its importance to aerospace and the tech world are probably more important than the 3rd most important latin banking city in the world(Sao Paulo and New York), but until the US government in some classified document says something pertaining to which is the most important to our country, all this list are unimportant.

p.s i do believe the government and people outside of miami would agree with it just being outside of the top 10
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Old 01-16-2014, 12:52 PM
 
Location: Denver
6,625 posts, read 14,455,500 times
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Quote:
Originally Posted by polo89 View Post
You guys are actually correct. Alot of those banks are 2nd even 3rd tier Latin-American banks. So Miami, being a young city, achieved an Alpha- ranking, basically based on Tourism, and Film. Pretty impressive how much Miami has accomplished, with pretty much no legitimate economic base to speak of, outside of Tourism.[/i]

I agree, it's extremely impressive.

[i]Either way, Miami got to where it was somehow. Basically, Miami accomplished so much with so little. Not bad for a city that was basically swampland no more than 100yrs ago VS cities that have been established for 100's of years.
Little white lines certainly played a large part in Miami's success haha. The banking presense in the city is almost exclusively a result of that trade.
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Old 01-16-2014, 12:55 PM
 
5,390 posts, read 9,689,444 times
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lol, I live in Miami and think this is a joke.
Miami is not that important, compared to Philly.

Philly has half a million more people and is worth almost $100 million more in GDP.

Large parts of dade county are poor. Let's be real. It is largely a poor area. South FL in general is kind of poor when compared to "up north" places like NYC, DC, Boston, Philly, etc.

Miami has the mega rich....and then u have huge ares of poor ghetto.
There's a smaller middle class mixed in there within the ghetto, but by and large south FL is poor and uneducated. And I live in miami, so I know.

Cheers.
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Old 01-16-2014, 01:02 PM
 
202 posts, read 320,049 times
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Quote:
Originally Posted by OptimusPrime69 View Post
lol, I live in Miami and think this is a joke.
Miami is not that important, compared to Philly.

Philly has half a million more people and is worth almost $100 million more in GDP.

Large parts of dade county are poor. Let's be real. It is largely a poor area. South FL in general is kind of poor when compared to "up north" places like NYC, DC, Boston, Philly, etc.

Miami has the mega rich....and then u have huge ares of poor ghetto.
There's a smaller middle class mixed in there within the ghetto, but by and large south FL is poor and uneducated. And I live in miami, so I know.

Cheers.

the wealth gap in Miami is similar only to other cities in different countries like for instance a Rio or somewhere similar. I'm a business major so the economy is obviously discussed a lot and when we talk about wealth disparity in our country Miami is the poster child for that.
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Old 01-16-2014, 01:03 PM
 
Location: Denver
6,625 posts, read 14,455,500 times
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Quote:
Originally Posted by Red John View Post
Apparently their United States (operational) headquarters are in Miami, not all from that link but a good amount of them.

Honestly though, from an asset management point of view, how would you rank Miami in the United States and world? This is probably the same ranking to keep in mind when assessing the world's financial capitals, in order. I'm willing to bet Philadelphia is no less than fifth in the United States, New York and Boston probably first and second in this regard.
Major asset management in Miami is more/less nonexistent from what I've seen. I had the info below saved on a spreadsheet. It was taken from a list of the 300 largest asset management firms in the US...unfortunately the list source is now behind the paywall.

1. NYC 101 firms totaling $11.670 trillion under management
2. Boston 26 firms, $5.563 trillion
3. Los Angeles 13 firms, $2.965 trillion
4. San Francisco 12 firms, $1.711 trillion
5. Philadelphia 6 firms, $1.589 trillion (95% is from Vanguard)
6. Chicago 17 firms, $1.508 trillion


So you were correct about NYC & Boston being 1 & 2, and Philadelphia has a ton of cash under management but that's largely in part to the fact that they're home to one of the five largest asset managers on the planet. I don't remember seeing many South Florida establishments on the list.
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Old 01-16-2014, 01:09 PM
 
Location: Denver
6,625 posts, read 14,455,500 times
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Quote:
Originally Posted by kidd_funkadelic View Post
the wealth gap in Miami is similar only to other cities in different countries like for instance a Rio or somewhere similar. I'm a business major so the economy is obviously discussed a lot and when we talk about wealth disparity in our country Miami is the poster child for that.
There is definitely a huge wealth gap in Miami, but it's nothing near Rio. The visible wealth gap in Copacabana alone is insane.
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Old 01-16-2014, 01:23 PM
 
14,256 posts, read 26,935,022 times
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The wealth gap in Miami is insane. So basically, Miami got to an Alpha- status, based on Cocaine distribution, and partly film, and partly small Latin-American banks in which many of the big time dealers in Columbia, can stuff all their cash in. Pretty impressive considering how young Miami is, and how it had no economic base, especially before the late-70's, when it was basically a giant retirement resort next to a giant swamp. Pretty impressive for a city as poor as it is, and considering how no one speaks English, and the educational attainment of the citizens is really, really, low. Miami truly is the Magic City. Really, no city has any excuse not to progress in to a global city, because if Miami can do, ANY city can do it, considering how little connections Miami had before the 80's.
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