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Private bankers embrace independence in Brazil

Eric Cardozo, co-founding partner, COO and CFO of Brazilian private banking boutique WHG, talks to Euromoney about quitting a mainstream firm in 2020 and why more private bankers in the country seem to be following suit.

Photo: iStock

When Banco Safra’s three most-senior private bankers in Brazil quit to set up their own private banking firm in early April, they were joining a growing number of senior bankers from established firms that have done so in recent years.

Local media reported that Roberto Cortez Alves, head of Emerald – Safra’s multi-family office that serves clients with at least R$150 million ($30.2 million) in liquidity – left the bank along with José Paulo Scheliga, private banking director, and Carlos Pitta, head of Safra’s ultra-high segment.

Almost a year earlier, in March 2021, Luiz Severiano Ribeiro resigned as head of Itaú’s private bank to form new asset management firm We Capital, which focuses on private banking and, particularly, managing family-office wealth.

Eric Cardozo is co-founding partner, COO and CFO of WHG (Wealth High Governance), a boutique firm that was established in December 2020 following the defection of a team of bankers from Credit Suisse.

He tells Euromoney that he is not surprised that more bankers are deciding to leave established firms.

The Credit Suisse exits in 2020 were prompted by the promotion of Marcello Chilov to head of Credit Suisse Brazil’s international wealth management business.

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