“It is during times of greatest uncertainty that clients and teams need expertise, sound judgment, and support the most.”

With nearly two decades at UBS and a career spanning Europe, Latin America, and the United States, Nicolás R. Bergengruen has a unique perspective on how the world of wealth management. In his role as Managing Director and Market Director, he leads teams and advises high- and ultra-high-net-worth clients in a global context marked by volatility, technological innovation, and a profound shift in investor expectations. In this interview for Zona de Charlas, he shares his professional journey, UBS’s value proposition in the region, and his vision for the future of wealth management.

Nicolás, throughout your career you’ve worked in various countries and markets (Germany, Chile, Mexico, and the United States). How did those early international experiences shape your view of Latin America and the way you lead teams today?

I began my career at Ibero-Amerika Bank, a German bank headquartered in Bremen/Hamburg that focuses primarily on commodity financing. This experience allowed me to move to Germany, familiarize myself with the credit sector in a developed country, and maintain direct contact with Latin American countries; I even spent four years living in Chile while traveling to Argentina, Peru, Colombia, and other countries on behalf of the bank. Those early years were crucial for developing an international perspective and a deep understanding of Latin American markets—lessons that continue to shape my leadership style to this day.

Working in countries such as Chile, Germany, Mexico, and the United States taught me to adapt—both personally and professionally—to the region’s constant changes and challenges. Exposure to different cultures and markets strengthened my ability to lead in a pragmatic and flexible manner, helping me understand that both boom cycles and difficult times require different responses. It is during times of greatest uncertainty that clients and teams need our support and expertise the most.

What did it mean to you to take on the roles of Managing Director and Senior Market Director at a global institution like UBS?

The acquisition of our Wealth Management andfrom Dresdner Bank by UBS in 2005 represented a unique opportunity. At that time, wealth management was beginning to play an increasingly strategic role in banking, and UBS was already a leader in that sector. Joining such a large institution gave me access to top-tier tools and resources, without losing the work ethic and resilience I had developed in smaller organizations. This combination has been key to my professional development.

Today, UBS has a well-established presence in Latin America, either directly or through banks that have become part of the group. We have a significant presence in Brazil—strengthened following the acquisition of Credit Suisse—and offices in Chile, Panama, Colombia, and Uruguay. Our value proposition is based on the experience and expertise of our professionals, as well as our ability to offer comprehensive advice on family wealth management, supported by a global network of booking centers in the U.S., Switzerland, the U.K., and Singapore.

What trends are you seeing in the region regarding wealth management for high-net-worth and ultra-high-net-worth clients?

We are currently seeing several significant trends in the region: the intergenerational transfer of wealth, value creation in sectors such as technology, a geopolitical context that is fostering caution and uncertainty, and a new generation of digital-native customers who are transforming the way people interact with financial products.

Our clients’ trust, support, and loyalty are UBS’s most valuable assets. That is why we continuously invest in modernizing our platforms and systems, ensuring that technological innovation never compromises the core values that set us apart.

UBS has had a presence in Uruguay for years. What role does the Montevideo office play within the regional structure?

The Montevideo office is the only UBS Financial Services office outside the U.S., which is both an honor and a great responsibility. It plays a strategic role within the UBS network, connecting our professionals to the markets of Argentina, Chile, Paraguay, Peru, and other countries.

What factors led to Zonamerica being chosen as the location for the facility?

Zonamerica was chosen for its experience as a hub for international companies and for the quality of its ecosystem. Zonamerica’s clients and (future) employees spoke highly of the setup, and they themselves emphasized the value of continuing to work in that environment.

From our perspective, our experience with the Zonamerica team was excellent. The professionalism and ease with which they guided us through the setup process were key. Additionally, the fact that many of our critical service providers—such as accounting and legal firms—are also based there influenced our decision to choose Zonamerica. The environment fosters a very positive work atmosphere: the well-maintained common areas, logistics, and organization make it a real pleasure to come to work.

When we think about the future of the financial sector, what changes do you think will shape the next decade in wealth management?

The financial sector is undergoing rapid transformation driven by technology, product diversification, and faster processes. However, personalized advice and global expertise will remain essential, especially in a context where companies and families must adapt to changes in jurisdiction and complex scenarios. The support of a solid institution like UBS is—and will increasingly be—highly valued.

Latin America’s importance within UBS’s global strategy continues to grow. I am confident that we will continue to support and drive that growth in the coming years.

On a personal level, what motivates you most about leading teams and supporting clients in such a dynamic environment as the one you describe?

Leading teams and supporting clients in such a dynamic environment has never been more rewarding than it is today. The value we add across various areas, our ability to adapt to change, and our role as the first point of contact for families during critical moments underscore the importance of our work and the positive impact we make.