UBS Becomes LatAm’s Top Wealth Manager with Acquisition of Credit Suisse
UBS Group AG (UBS) will leapfrog JPMorgan Chase & Co. (JPS) to become Latin America’s biggest wealth manager through its acquisition of Credit Suisse Group AG.
With about $150 billion in wealth under management from clients from the region, UBS will take the top spot after adding Credit Suisse’s $80 billion total. according to people familiar with the matter. who asked not to be identified discussing non-public data. JPMorgan manages about $180 billion. ltau Unibanco Holding SA (ITUB4) will keep its No. 3 position. with $140 billion in assets.
Credit Suisse has a larger presence than UBS in Brazil’s local private-banking market, including loans to wealthy Brazilians, while UBS has a multifamily-office model. UBS has booking centers in the US, including in cities preferred by Latin American clients. including Miami, New York and Houston – a presence Credit Suisse lacks.
By Cristiane Lucchesi via Bloomberg Línea