Brazil-headquartered Itaú Unibanco (Itaú) has signed an
agreement with Chile-based asset manager Munita Cruzat & Claro
(MCC) to create a new Chilean wealth management firm.

The new company, which will retain the MCC name, will focus on
new high net worth (HNW) customers, currently managed by both
institutions.

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MCC’s 350 current clients, with assets close to $2bn, will have
access to products provided by Itaú Private Bank International and
institutional products of Itaú Unibanco Brazil.

MCC’s current partners Alberto Munita, Gastón Cruzat and Eugenio
Claro will retain their management positions within the
newly-created firm.

According to MCC’s Munita, the new proposition will increase
“the know-how” and the current MCC’s capabilities.

“Also allowing investors to enter the Brazilian market through
the main private financial institution in Brazil anticipates the
great interest that this country will raise in investors,” he
added.

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Chile – strategically important region

Itaú Private Bank International head João Medeiros said that
strengthening the bank’s presence in Latin America and especially
in Chile was a top priority for growing Itaú’s business.

“We are confident that our partnership with Munita, Cruzat &
Claro will accelerate our growth plans to become a leader in wealth
management for HNW families in Chile,” concluded Medeiros.

Itaú’s private banking business manages more than $80bn in
assets.

In 2010, the bank grew assets under management (AuM) by 26% to
$70.1bn, pulling in $7.6bn of net new money on revenues of
$422m.