Itaú Unibanco’s asset management business has
received Financial Services Authority (FSA) approval for a new
division in the UK.
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.
Go deeper with GlobalData
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.
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By GlobalDataWorldwide ambition
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.
