By Ivan Castaño
Bankers are vying for a foothold in Brazil’s growing wealth management business. Assets under management are reaching new highs as wealthy
Brazil’s wealth management business is growing by leaps and bounds as banks and family offices fiercely compete to capitalize on the country’s rising prosperity. Assets under management in this sector are expected to reach a staggering $700 billion plus over the next year.
Yet so far, this new affluent segment is sticking to familiar investments close to home rather than venturing into markets abroad. This should be a boon for the country’s developing credit markets as well as stocks.
The growth of the wealth management business is apparent to any visitor coming to Brazil. Strolling on São Paulo’s fashionable Paulista Avenue these days, one can’t help but notice how many banks are promoting their Premiere banking services catering to the newly minted rich.
Brazil has been generating 19 millionaires a day since 2007, and that trend is likely to maintain its momentum...
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