UBS has agreed to take a majority stake in Brazilian multifamily office Consenso Investimentos to accelerate the Swiss banking giant's recent expansion in the country. The deal will combine the wealth management operations of both businesses in Brazil, which will be run jointly by UBS executives and Consenso’s founding partners.
UBS has maintained a presence in Brazil since 1960 and currently employs about 250 people there. But it has significantly increased its commitments in Brazil of late, with Bloomberg reporting a 31% uptick last quarter alone for UBS that has put its assets under management in the country at BRL8 billion (about $2.45 billion).
For its part, the deal should help Consenso gain wider appeal to a larger number of private clients in Brazil. Consenso has a portfolio of assets under management valued at some BRL20 billion (about $6 billion). It was founded in 2003 by former partners at Banco BBA Creditanstalt; its founding partners include Heinz Gruber, Luiz Borges, Maria Alice Gouvea, Daniel Auerbach and Valeria Milani Pierini. The wealth management firm is based in São Paulo and has branch offices in Rio de Janeiro, Curitiba and Belo Horizonte.