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AmericasJanuary 31 2011

Wealth management boom in Brazil

Business is booming for the wealth management sector in Brazil. Large domestic banks still dominate the industry but international players have found plenty of scope to move in on this expanding market.
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Wealth management boom in BrazilBrazil's increasing affluence is creating an expanding clientele for wealth management firms

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.

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