UBS considers wealth management acquisition

Pot Of Gold

UBS is considering buying a wealth-management firm in Brazil as it seeks to expand that business sevenfold by 2020, said Sylvia Coutinho, chief executive officer of the lender’s Brazil unit.

'We are looking for acquisition opportunities in the Brazilian market', Coutinho said July 31 in her first interview since taking the job last year.

Bloomberg News reports that UBS plans to hire more people for its wealth business and open offices in Rio de Janeiro and Belo Horizonte to serve high-net-worth clients even if it can’t find a firm to buy, she said. The focus will be on those with assets of $2.2m or more to invest, said Coutinho, formerly head of retail banking and wealth management for Latin America at HSBC.

UBS is expanding wealth management in emerging markets and Asia as it scales back in investment banking and exits most debt-trading businesses amid stricter capital requirements. The firm ranked as the world’s biggest wealth manager for a second straight year as assets under management rose 15% to $1.97tril, according to a report last month by Scorpio Partnership, a London-based consultant.

To access the complete Bloomberg News article hit the link below:

UBS Brazil CEO Plans Wealth-Management Expansion

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