Royal Bank of Canada has launched a new investment advisory business in Brazil, the company announced on Monday.

The new headquarters in Sao Paulo’s financial district of Itaim marks RBC’s entrance into the domestic investment advisory services industry in Brazil — a country where the bank has had a presence since 1919.

The business will offer investment advice through an open platform of third-party domestic securities, including mutual funds, multi-market hedge funds, and equities, to high net-worth residents of Brazil.

RBC advisors will work with local fund managers and advise clients on asset allocation of domestic financial instruments.

In the future, the business may eventually offer international clients access to domestic financial products and services.

The new entity will be led by general manager José Lima. A native of Brazil, Lima joined RBC in 2001 and most recently served as general manager for RBC Wealth Management’s Latin American sales offices.

“This enhancement will be of great benefit for our clients and offers RBC a terrific market opportunity,” Lima said. “The long-term outlook for Brazil’s economic growth is very positive. Its economy is the region’s largest, its funds industry is very developed with hundreds of billions of dollars in assets, and it has a sophisticated financial system and a stock exchange as large as the Toronto Stock Exchange.”

Initially, close to a dozen financial advisors will be assisting clients in RBC’s Sao Paulo and Porto Alegre offices, with plans to hire additional advisors as the year progresses.

“Despite the current market environment, we are actively seeking to expand our global footprint and points of distribution in key areas outside of North America in geographies that complement our strengths,” said Michael Lagopoulos, international head of RBC Wealth Management.

RBC Wealth Management has been particularly focused on expanding in Latin America. Last year, the company opened new offices in Chile and Panama, and expanded existing platforms in Mexico and Uruguay. The firm also has offices in Argentina and Venezuela.

“This marks a new era for RBC in Brazil,” said Michael Moodie, head of Americas Region at RBC Wealth Management. “We continually look for opportunities to grow in select markets where our history and brand are strong and where we can meet the needs of our clients.”