UBS and CONSENSO to combine their wealth management operations in Brazil
São Paulo, 23 May 2017 – UBS Group AG ("UBS") and CONSENSO announced today that they have entered into an agreement under which UBS is to acquire a majority stake in the Brazilian multi-family office CONSENSO, and both will combine their wealth management operations in Brazil.
The transaction is expected to close towards the beginning of the third quarter of 2017, subject to customary closing conditions. The combined business will be run jointly by UBS executives and CONSENSO's founding partners1.
"UBS has built up its capabilities in Brazil, allowing it to offer clients in the country strong local expertise, alongside leading global advice," said Sylvia Coutinho, UBS Country Head in Brazil. "This transaction will allow UBS to accelerate its expansion in Brazil and demonstrates our longstanding commitment to growing our wealth management business in this key market," said Alejandro Velez, Head Wealth Management Latin America at UBS.
“By combining our local expertise and reputation with UBS's standing and strengths, and maintaining the successful open platform strategy currently run by both firms in Brazil, we believe we can significantly enhance our value proposition and widen our appeal to a larger number of private clients in the country," said Luiz Borges, founding partner of CONSENSO.
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