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.
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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.
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
