Private Asset Management

Brazil’s Local Players Siphon HNW Assets 03/31/2009

Brazil’s Local Players Siphon HNW Assets

Ultra-high-net-worth investors in Brazil have been moving their assets out of large international private banks to multi-family offices or local Brazilian banks. According to a recent Capricorn Research Group report on the country, local private banks such as Unibanco, Banco do Brasil and Bradesco have seen their assets grow by as much as 40% in recent months because of client concerns about the financial stability of international banks outside of Brazil.

“The movement from offshore to onshore is also due to government ...

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