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.
 

¹Heinz Gruber, Luiz Borges, Maria Alica Gouvea, Daniel Auerbach and Valeria Milani Pierini  

About UBS
UBS is committed to providing private, institutional and corporate clients worldwide, as well as retail clients in Switzerland, with superior financial advice and solutions, while generating attractive and sustainable returns for shareholders. Its strategy centers on its Wealth Management and Wealth Management Americas businesses and its leading universal bank in Switzerland, complemented by its Asset Management business and its Investment Bank. These businesses share three key characteristics: they benefit from a strong competitive position in their targeted markets, are capital-efficient, and offer a superior structural growth and profitability outlook. UBS’s strategy builds on the strengths of all of its businesses and focuses its efforts on areas in which it excels, while seeking to capitalize on the compelling growth prospects in the businesses and regions in which it operates. Capital strength is the foundation of its success.

In Brazil, UBS offers wealth management services to private investors and broker dealer and corporate client solutions to institutional clients. Operating in the country since 1960 and employing about 250 staff, UBS Brazil is the number one BM&F Bovespa broker in both derivatives and equities markets.

About CONSENSO
Established in 2003, CONSENSO is a Brazilian financial wealth management and multi-family office, with assets under management of more than 20 billion Brazilian reals. It is based in São Paulo and has branch offices in Rio de Janeiro, Curitiba and Belo Horizonte.

UBS Group AG

www.ubs.com