UBS is creating a new business unit, to be called GWM Brazil, which will merge the bank’s Private and Wealth Management areas, according to Bloomberg sources.
GWM Brazil will be jointly led by Luiz Borges and Rafael Gross.
Borges founded Consenso, a multi-family office acquired by the Swiss bank in 2017, while Gross led the client coverage area at Credit Suisse Brazil before the banks’ merger.
According to the report, the internal statement signed by the bank’s Head of Global Wealth Management LatAm, Marcello Chilov, states that the operation aims to “capitalize on the region’s potential and leverage the complementarities” in the businesses.
