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Goldman Sachs To Launch Onshore Wealth Management Business In Brazil

Private wealth management will offer local clients with onshore products denominated in Reais

The Goldman Sachs Group plans to launch its onshore Private Wealth Management (PWM) business in Brazil later this month. Based in Sao Paulo, PWM Brazil is expected to provide local clients with onshore products denominated in Reais.

Reportedly, PWM Brazil will offer a full array of products, including equity and fixed income brokerage, mutual funds, alternative investments, futures, derivatives and structured products. It will operate on an open architecture platform, enabling it to offer clients the proprietary and independent product offerings.

Timothy O’Neill and Marc Spilker, co-heads of Investment Management division, Goldman Sachs, said: “We serve our private clients globally and can enhance that with local presence in particular markets. We are excited to offer a full service platform including the delivery of onshore investment products and services to clients in Brazil.”

Beatriz Sanchez, managing director and regional manager of Latin America for Goldman Sachs PWM, said: “As more Brazilians decide to keep their assets onshore, we are positioned to offer more sophisticated investment options and solutions to complex wealth management needs. The team we have on the ground, led by Fernando Vallada, is experienced in dealing with the high-net-worth segment of the market that Goldman Sachs is known for globally.”