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Private banking clients in Brazil have been spoilt for decades.
The country’s wealthy have been able to invest in single-product, sovereign-backed, tax-free investments linked to the (typically high) overnight interest rate, with daily liquidity. They have been able to generate very strong real portfolio returns with virtually no market or credit risk.
That, finally, is changing and, while it will be a benefit for the nation that the state will not be paying out such large returns to Brazil’s wealthy, these investors are facing a new investment characteristic: risk.
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