The news was revealed in the regulator’s register, and the move represents a big step in the bank’s aim to forge a strong presence in Europe.
Itaú UK Asset Management Ltd. was given authorisation on 2 July 2012. The office, situated in London’s Broadgate Tower, has listed nine active individuals.
The authorisation states that the office is currently unable to hold clients’ money.
Itaú Asset Management is the largest privately-owned asset manager in Brazil, recording over $157.6bn in assets under management (AuM) in June 2011.
Already one of the most well-known private banks in Latin America, the UK authorisation is part of a big push on the global stage.
Itaú Private Bank, which has AuM totalling more than $70bn, has a dominant position in the domestic onshore market, but wants to gain scale to extend its operations in the US and Europe. In 2010, 74% of Itaú’s business remained onshore.
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Itaú Unibanco Holding Ltd., the parent company of Itaú Private Bank, was formed in a merger in 2008 and is among the world’s top 10 largest banks.
Source: Private Banker International