Brazil's wealth-management industry grew by 15% last year and total assets under management reached 350bn reais ($209bn), according to industry estimates, making it one of the world's most attractive private banking markets.
Traditionally, Brazil's wealth management market has been dominated by the country's big domestic banks (Itaú Unibanco, Bradesco and Banco do Brasil) and, although these banks are still among the most important players, some international banks – including Credit Suisse (through its Hedging Griffo [CSHG] franchise), Santander and Citi – have been making substantial inroads into the market.