“In times of greater uncertainty, clients and teams need experience, sound judgment, and guidance the most.”

With nearly two decades at UBS and a career built across Europe, Latin America, and the United States, Nicolás R. Bergengruen has a privileged perspective on how the world of wealth management is evolving. From his role as Managing Director and Market Director, he leads teams and supports high and ultra-high-net-worth clients in a global environment 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 have worked in different 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, primarily focused on commodity financing. This experience allowed me to relocate to Germany, become familiar with the credit sector of a developed country, and maintain direct contact with Latin American markets—eventually spending four years living in Chile and traveling to Argentina, Peru, Colombia, and other countries representing the institution. Those early years were fundamental in developing an international outlook and a deep understanding of Latin American markets, lessons that continue to guide my leadership style today.

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 way, understanding that both periods of growth and times of difficulty require different responses. In moments of greater uncertainty, clients and teams need our support and experience the most.

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

The acquisition of our Wealth Management business at Dresdner Bank by UBS in 2005 represented a unique opportunity. At that time, wealth management was beginning to take on a growing strategic role within banking, and UBS was already a leader in the sector. Joining an institution of this scale allowed me access to first-class tools and resources, while maintaining the work ethic and resilience developed in smaller organizations. This combination has been key to my professional growth.

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

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

We are currently observing several relevant trends in the region: generational wealth transfer, value creation in sectors such as technology, a geopolitical context that fosters caution and uncertainty, and a new generation of digitally native clients who are transforming the way they interact with financial products.

The strength, backing, and trust of our clients are UBS’s most valuable assets. For this reason, we continuously invest in modernizing our platforms and systems, ensuring that technological innovation never compromises the core values that define us.

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 United States, which represents both an honor and a great responsibility. It plays a strategic role within UBS’s network, bringing our professionals closer to markets such as Argentina, Chile, Paraguay, Peru, and others.

What factors led you to choose Zonamerica as your location?

Zonamerica was chosen for its experience as a hub for international companies and the quality of its ecosystem. Contact with Zonamerica clients and (future) employees provided very positive feedback about the setup, and they themselves highlighted the added value of continuing to work in that environment.

From our perspective, the experience with the Zonamerica team was excellent. Their professionalism and the simplicity with which they supported us throughout the setup process were key. In addition, the fact that many critical service providers for us—such as accounting and legal firms—are also based there influenced our decision. The environment is ideal for fostering a positive work atmosphere: the care of common areas, logistics, and organization truly make it a pleasure to come to work.

Looking ahead to the future of the financial sector, what changes do you believe will define the next decade in wealth management?

The financial sector is undergoing an accelerated transformation driven by technology, product diversification, and faster processes. However, the role of personalized advice and global expertise will remain fundamental, especially in a context where companies and families must adapt to jurisdictional changes and complex scenarios. The backing of a solid institution like UBS is, and will continue to be, increasingly valued.

The importance of Latin America within UBS’s global strategy continues to grow. I am confident that we will continue to support and strengthen this growth in the years ahead.

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

Leading teams and supporting clients in such a dynamic environment has never been more motivating. The added value we provide across different areas, our ability to adapt to change, and our role as the first point of contact for families at critical moments reinforce the relevance of our work and the positive impact we generate.