Itaú Private Bank, from a leading position in the Brazil domestic market, has launched a new Bahamas-based trading desk to help Brazilians invest offshore.
In addition to investing US $25 million in technology, Itaú has strengthened the team of advisors in Zurich and Miami and now launches a new trading desk aimed at fostering offshore investment. The goal of the platform is to enable Brazilian and Latin American clients to access foreign assets in a more autonomous, agile and dynamic way.
“We have created this new trading desk to meet the demand that we identified from a sector of our customers in providing services. We believe that this new service model works best when the operator is close to the customer, “says Carlos Albertotti, commercial director of Itaú Private Bank in Miami. The services are essentially targeted to investors with specific and qualified demands, market familiarity and high degree of sophistication in the trading applications.
To conduct the operations, five professionals were hired, four of whom were Credit Suisse Bahamas graduates: Gustavo Fraga Abrunhosa, Marcelo Aagesen, Carlos Eduardo Fernandes and Gilmar Oliveira; and one from UBS Brasil: Alberto Tani. The team, which will be based in the Bahamas, will report to Roberto Martins, responsible for the international investment area of Itaú Private.
“We have identified that Private Banking is a great growth opportunity in the international market. And, recognising this, we have as our main challenge to win our own customers who are not yet aware of our offshore private banking “, says Carlos Constantini, CEO of Itaú USA and head of the international operation of Itaú Private Bank.
Currently, Itaú Private Bank estimates that it will occupy third place in the foreign market, with US $22 billion of assets under management, which represents 20% of Itaú’s private banking portfolio.