Structured Products Platform Luma Financial Technologies has recruited a New York-based advisor from Citi to head Latin America Relations as the firm looks set to expand its operations across the region.
Pablo Ortega joined Luma last week after more than 11 years at Citi, focusing mainly on private and institutional clients in Latin America, especially those investing in structured products, mutual funds and securities, according to Luma’s announcement.
Ortega’s appointment makes him the third Citi employee to join Luma since the transition to the Latin American market in 2020. The company previously recruited Rafael Salvatierra as head of America and Fernando Concha Bambach as head of Latin America.
In its new role, Ortega has been given responsibility for expanding Luma’s product offering for asset managers as part of the transaction activities that cover the region.
“I am delighted that Pablo has decided to join us and take the leap from the traditional side of the industry to the fintech side,” Salvatierra said in Luma’s announcement.
“His experience working hand in hand with clients will prove crucial in expanding the scope and scope of our offering throughout the region. His contribution will only strengthen our claim as the preferred platform for advisors trading in the structured products market. . ‘
Ortega’s arrival in Luma makes him reunite with Salvatierra and Bambach, with whom he worked at Citi when he built up structured product investments for their customers.
“With Pablo’s appointment, we’ll officially get the band back together,” said Bambach. “Rafa and I spent many years working with Pablo at Citi and can attest to his unique product expertise and knowledge of our market.”
Based in Cincinnati, Ohio, Luma Financial Technologies is a provider of structured products that serves a base of broker dealers, RIAs and private banks, offering thousands of investments through its platform.
Bambach told Citywire that he sees a greater opportunity to grow in Luma’s business in Latin America, a market he described as “untapped.”
“There are still large customers who have not chosen a supplier, and at the same time we always innovate multi-products, alternatives, illiquid products. We see the development of Luma not only necessarily for asset managers, but also for some institutional customers such as equity funds, pension managers and even corporate taxes, he said.
In recent years, the company has also signed a number of agreements to build its platform with products to accommodate money managers in Latin America.
Last year, an agreement was secured with Credicorp Capital to make the platform available to specialists in the group’s asset management business. StoneX Group signed a similar agreement with Luma in 2020 to give its asset management customers access to the products and services.
