Expansion
ProgrammeLatitude.
Programme Latitude is the seven-year expansion programme of IGUAKO Capital. It runs from 2026 to 2032 and carries one phase a year. At 30 June 2026 the group held 28 jurisdictions of domicile or registration, 36 offices and representative desks and 312 people. By the end of 2032 it will hold 40 jurisdictions, 50 offices and 480 people, with a client portfolio under stewardship of US$1.5 billion. Each phase names the region it serves, the money it spends and the year it ends.
- Horizon
- 2026 to 2032
- Jurisdictions by 2032
- 40
- Offices by 2032
- 50
- Client portfolio by 2032
- US$1.5bn
The programme
The sequence follows the arithmetic rather than a map. The mature books in North America, the Caribbean and Europe realise proceeds, and those proceeds pay for the regions where origination is growing fastest. Asia-Pacific takes 2027, Europe 2028, the Gulf 2029, Africa and the Indian Ocean 2030, and Latin America 2031. The Caribbean opens the programme in 2026 with a treasury hub, and 2032 is a consolidation year with no new territory in it.
Twelve initiatives run across the phases. Four of them build infrastructure that every region uses: the Caribbean treasury hub, the correspondent network, the client reporting platform and the data-centre co-location. The other eight open a desk, a platform, a line or a laboratory in one place. Every initiative has a named sponsor from the Board or the Executive Committee, a start year and a written set of deliverables against which the Expansion Committee marks it.
Objectives
- Hold 40 jurisdictions of domicile or registration by the end of 2032, adding twelve to the 28 held at 30 June 2026.
- Operate 50 offices and representative desks by the end of 2032, converting the Seoul, Nairobi and Montevideo desks into offices along the way.
- Raise the client portfolio under stewardship from US$842 million to US$1.5 billion without changing the eligibility standard applied to clients.
- Grow the group from 312 to 480 people, filling at least 40 per cent of the leadership roles the programme creates by internal transfer.
- Fund the whole programme, US$180 million across seven phases, from realised proceeds rather than from new external capital.
- Apply the Ethical Technology Charter and the welfare standards in every new location before it accepts its first mandate.
Seven phases
One region a year, funded from proceeds.
The Expansion Committee governs the programme. Rafael Quintero-Blyth, Head of Expansion, chairs it, and its secretariat sits in Cinta Costera Tower in Panama City. The Committee meets monthly, reports to the Executive Committee after each meeting and reports to the Board at each phase gate. A phase opens only when three confirmations are on the record: the Chief Financial Officer confirms the funding source, the Chief Risk Officer confirms that the phase sits inside the risk appetite for the year, and the General Counsel confirms the regulatory perimeter for each new jurisdiction. The Audit Committee reviews spending against plan once a year.
Every phase is funded from realised proceeds. No part of Programme Latitude is paid for with new external capital, with client money, or by drawing on the US$215 million of committed but undrawn facilities. Of the US$180 million, the North American book supplies about US$68 million, the Caribbean about US$34 million, Europe about US$30 million and Oceania about US$26 million. The remaining US$22 million comes from Asia-Pacific, Latin America and the Gulf. A phase that cannot be funded from proceeds is deferred rather than financed, and the deferral is reported to the Board.
Caribbean treasury hub and regional consolidation
The first phase builds one treasury for the Caribbean and puts the seven Caribbean entities on a single ledger. Latitude Treasury (Cayman) Ltd. was incorporated in George Town in 2026, sits beneath the group holding company and lends only within the group. The consolidation removes duplicated cash administration in Road Town, Bridgetown and Nassau, and gives the group one cash position each morning in place of seven.
US$18 million · Caribbean, North America
Asia-Pacific build-out
The second phase turns the Asia-Pacific hub into a full booking and execution centre. Singapore takes a trading desk of its own, the model-risk laboratory and four more people in regional data operations. Hong Kong adds capital-markets coverage, Tokyo adds a second specialty-materials analyst, and the Seoul desk becomes an office once the South Korean registration is granted.
US$32 million · Asia-Pacific, Oceania
European platform and the records estate
The third phase scales the European fund platform. Latitude European Platform SCA SICAV goes from four compartments to six, and the Irish umbrella takes two further sub-funds rather than a second vehicle. One platform, one authorised manager and one depositary cost less to run and are easier to explain to an investor. Luxembourg adds four people in entity governance and oversight of the administrator.
US$34 million · Europe
Gulf presence
Dubai becomes a full-service office in the fourth phase. The Gulf hub has arranged and advised since 2023 without holding client assets in the region, which is a long route for a family whose principals sit in the Gulf. From 2029 the hub holds those assets through a regional custody and settlement link covering six currencies.
US$26 million · Middle East
Africa and the Indian Ocean
The fifth phase scales the Port Louis platform from nine administered vehicles to sixteen and gives it a treasury function of four people. Johannesburg opens an agri-science origination desk with four analysts, and the Nairobi representative desk becomes an office once the Kenyan registration is granted. Three registrations in the phase take the group to 37 jurisdictions.
US$24 million · Africa & Indian Ocean
Latin America
Panama City scales in the sixth phase. The regional credit authority rises, the trade-finance line opened in 2025 is raised from US$25 million to US$60 million, and the isthmus correspondent relationships grow from 13 to 22. São Paulo takes its origination team to seven people covering agri-science and animal health.
US$28 million · Latin America
Consolidation and review
The last phase opens nothing in the growth regions. It closes the programme: three further locations in the mature regions, one further Caribbean registration, and the completion of the client reporting platform for all 50 locations. From the end of 2032 every office reports on one calendar in one format, and every client receives one statement across every booking centre that holds a mandate.
US$18 million · Caribbean, North America, Europe
Initiatives
12 initiatives across the programme.
Regional plans
What each region is asked to deliver.
- CaribbeanClient portfolio in the region raised from US$224 million to US$355 million by the end of 2032.
- North AmericaClient portfolio in the region raised from US$168 million to US$280 million by the end of 2032.
- Latin AmericaClient portfolio in the region raised from US$47 million to US$115 million by the end of 2032.
- EuropeClient portfolio in the region raised from US$214 million to US$330 million by the end of 2032.
- Middle EastClient portfolio in the region raised from US$58 million to US$130 million by the end of 2032.
- Africa & Indian OceanClient portfolio in the region raised from US$29 million to US$80 million by the end of 2032.
- Asia-PacificClient portfolio in the region raised from US$61 million to US$145 million by the end of 2032.
- OceaniaClient portfolio in the region raised from US$41 million to US$65 million by the end of 2032.