Swiss banking giant UBS Group has agreed to acquire a majority stake in Brazilian multi-family office CONSENSO for an undisclosed sum.

Sao Paulo-based CONSENSO was founded in 2003 and currently manages over BRL20bn ($6.1bn). The firm also has branch offices in Rio de Janeiro, Curitiba and Belo Horizonte.

Under the arrangement, CONSENSO and UBS will integrate their wealth management businesses in Brazil.

The merged entity will be run by both UBS executives and CONSENSO founding partners.

UBS wealth management head for Latin America Alejandro Velez said: “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.”

The deal is expected to be wrapped up in the third quarter of 2017, subject to customary closing conditions.

UBS has been operating in Brazil since 1960, offering wealth management and corporate client solutions. The firm has around 250 employees in the country.