UBS rebuilds in Brazil with acquisition of Consenso
Swiss bank buys Brazil’s biggest multi-family office; wealth management industry continues to grow fast despite economic turbulence.
The acquisition by UBS of a majority stake in Consenso, Brazil’s largest multi-family office, is a significant step in the Swiss bank’s growth strategy in the country.
Since 2010, UBS has been plotting its return in Brazil, following its sale of Pactual in 2009, and this transaction is the most notable since its acquisition of leading local brokerage Link – which was finalized in 2013 after UBS obtained a banking licence in 2012.
Consenso has R$20 billion in assets under management (AUM) – considerably more than UBS’s R$8 billion.
In the current climate, we think Brazil’s reform process will be delayed but not derailed - Alejandro Velez, UBS
The new wealth management operation will merge and be run by a combination of UBS management and Consenso founding partners, including Heinz Gruber, Luiz Borges, Maria Alice Gouvêa, Daniel Auerbach and Valéria Milani Pierini – who created the firm after leading Banco BBA Creditanstalt when that bank was bought by Itaú in 2002.
Consenso has offices in São Paulo, Rio de Janeiro, Curitiba and Belo Horizonte, and 60 employees. UBS says it has around 250 staff in Brazil. Deal pricing isn’t be revealed.