UBS plans to expand its wealth management business in South America. The Swiss firm announced that it will re-launch its wealth management business in Brazil, to be based in Sao Paulo.

It will be led by Fernanda Pasquarelli, executive director at UBS, who has experience in the area and was responsible for implementing the business in Brazil in 2002. It was subsequently sold in 2009 to BTG Pactual.

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Maílson Hykavei will lead the area of Products, Services and Investments, and local experts will provide a wide range of global financial solutions for individual, corporate and institutional clients, the company said.

"Brazil is a market that continues to see strong economic growth, which has led to a high level of wealth creation.  With a growth of around 5% a year, Brazil is among the priority markets for the bank's investment," said Pasquarelli.

Hykavei added: "We offer products and services within an open architecture model, developed according to specific needs of our customers, with constant monitoring of portfolio performance and adjustment strategies according to each stage of its lifecycle.”