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.

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.

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