Lombard Odier has opened an office in São Paulo to take advantage of what it believes is an opportunity to grow an onshore wealth management business in Brazil.
The move has surprised some, coming as it does in the face of larger players’ retrenchment. JPMorgan recently left Brazil and passed its onshore client base to Bradesco.
However, Matteo Dignola, head of Latin America for the privately held Swiss bank, is confident there is space in the market.
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