North America: expansion plan

North America is a coverage region. Five locations, two registrations, 54 people and US$168 million of client portfolio, and no local booking centre: assets sourced in Palm Beach, Miami and New York are booked in the Caribbean or in Europe. That arrangement is deliberate and does not change during the programme.

Region

North America

Hub

Palm Beach

Phases

2026, 2032

Initiatives

The region carries the largest share of the funding. About US$68 million of the US$180 million comes from realised proceeds on the North American book, which makes the region the pacing item for every phase after it. Its own additions are modest: one further location in 2032 and 18 more people by the end of the programme.

Targets

Client portfolio in the region raised from US$168 million to US$280 million by the end of 2032.
Regional headcount raised from 54 to 72, weighted to origination in Palm Beach and coverage in New York.
Six offices and desks by 2032, the addition being a representative desk in Vancouver in the final phase.
About US$68 million of realised proceeds contributed to the programme between 2026 and 2032.
The correspondent and counterparty network run from New York, reaching about 190 relationships by 2032.

Risks

Pacing. If North American realisations fall short in a year, the phase they fund is deferred rather than financed. Every deferral is reported to the Board by the Expansion Committee.
Perimeter. Coverage staff sit in one country and book in another, so the cross-border perimeter is the first thing any review tests. The Cross-Border Services and Perimeter policy governs each conversation with a prospective client.
Cost of people. Palm Beach and New York compete for origination staff with much larger firms, and the region already carries the highest cost per head in the group.