Mirabaud, the Swiss bank with a wealth management history dating back to 1819, has set its sights on Brazil, aiming to significantly expand its footprint in Latin America’s largest economy.
With plans to triple its managed assets in Brazil within the next two years, the firm is positioning itself to capture the burgeoning wealth management market in the region.
“We have a lot of room to grow organically,” Urbano de Moraes, CEO of Mirabaud’s office in Brazil, said in an interview with Bloomberg in October. “Brazil is full of opportunities in construction, agribusiness, technology startups, and services. In a market of this size, you create space for companies to grow and with that attract big players to the country.”
Mirabaud Bank’s Brazilian Strategy
Mirabaud oversees 1 billion reais (approximately £199 million) in Brazil, serving 70 families, according to Moraes. The firm’s global operations encompass £34 billion in managed assets, highlighting its significant presence in the international wealth management industry.
The firm established its Brazilian office in 2019. The choice of Moraes — with his extensive experience in the sector, including leadership roles at Indosuez Wealth SA and positions within Credit Agricole SA, and Credit Lyonnais SACA — underscores a commitment to the Brazilian market.
Nicolas Mirabaud, a managing partner and a seventh-generation representative of the family-led firm, recently visited Brazil to meet with both current and prospective clients in key cities such as Sao Paulo and Rio de Janeiro.
The firm has also already initiated several strategic moves within the Brazilian market. Eric Hatisuka, Mirabaud’s chief investment officer for Brazil, noted that the firm raised 100 million reais for a fixed-income fund in 2023. Plans are also in place to launch a second fund focusing on private credit, further diversifying the investment options available to clients in Brazil.
The firm’s Sao Paulo office is characterized by a sleek design and strategic discretion, with no tenants listed in the lobby, reflecting the firm’s approach to privacy in client management. This discreet presence aligns with the firm’s long-standing ethos of focusing on maintaining client trust.
Wealth Management in Brazil
The wealth management landscape in Brazil is on an upward trajectory, with independent wealth firms experiencing an 8.3% increase in assets under management in the first half of 2023, reaching 460.4 billion reais, according to data from Anbima, a financial and capital markets association.
This growth indicates a ripe environment for enterprises like Mirabaud Bank to expand their services and client base, and is situated within projections of broader growth within the region. In 2023, the Latin American wealth management market was estimated at £1.15 trillion. The market is expected to reach £1.18 trillion in 2024 and grow at a compound annual growth rate of 2.34%, with projections of reaching roughly £1.3 trillion by 2029.
There has also been an increase in high-net-worth individuals within the region. In 2021, the wealth of HNWIs in Latin America saw an increase of 1.8%, reflecting a similar uptick in the region’s total wealth. This growth directly translates to a rising demand for wealth management products and services, buoyed by economic advancements and an expanding affluent class.
While these trends provide ground for optimism, banking executives are closely following ongoing wealth-tax debates in Brazil’s National Congress.
