UBS has reportedly acquired the remaining 40% in Brazilian multi-family office Consenso, with plans to double the number of advisers.
The unit services Brazilian clients with over $8.7m (BRL50m) in investible assets.
UBS purchased a 60% stake in Consenso Investimentos, now known as UBS Consenso, in 2017.
At the time Swiss banking group said that the deal tripled its AUM in the country to BRL30bn. It did not provide an updated figure.
UBS Brazil global wealth-management co-head and UBS Consenso co-CEO Bruno Barino told Bloomberg that the deal “was a huge success due to significant client retention and we were able to keep a real wealth management boutique inside UBS, with a full open-platform strategy.”
He also said that the firm is eyeing to bring in 25 advisers by mid-2022 as part of an aggressive growth plan.
Barino shares the co-CEO title with Consenso founding partner Luiz Borges.
The family office has been run by its founding partners and UBS executive jointly.
Many of its senior partners, including Heinz Gruber, Maria Alice Gouvea, Daniel Auerbach and Valeria Milani, continues to be with the firm since the initial UBS takeover, the report said.
UBS has been operating in Brazil since 1960, offering wealth management and corporate client solutions.
Despite being one is one of the biggest broker dealers in Brazil, the company only serves professional investors at present.
According Barino, the bank is currently weighing whether to service HNW clients from its brokerage firm for them to trade stocks and futures directly.
Last month, reports suggested that UBS is in talks to purchase a controlling stake in Brazilian asset manager BB DTVM, which manages $217bn (BRL1.2trn) in assets.