Itaú Private Bank has formed a strategic relationship with Brown Advisory, a private investment business managing about $170bn for customers globally.
Through the arrangement, Itaú Private customers in Brazil will have unique access to hedge funds and foreign private asset investment funds that are suggested by Brown Advisory.
Brown Advisory, headquartered in Baltimore, Maryland, has been privately and independently owned since 1998, and has offices in the United States, London, Frankfurt, Singapore, and Tokyo.
The firm specialises in alternative investments and works with wealthy individuals, families, pension funds, and non-profit organisations.
Fernando Beyruti, global head of Itaú Private Bank stated: “In Brazil, we have a consolidated presence, with about 30% of the market share in the Private Banking segment, but we still see enormous potential to expand our participation in advising and allocating investments of Brazilians abroad. The partnership with Brown is a step forward that will open even more doors for our clients to invest in the most sophisticated products in the global market, with scale and efficiency, complementing our existing offering. Our value proposition of being a truly global Private Bank for our clients reaches a new phase from now on.”
The agreement is exclusive to Itaú Private Bank clients in Brazil and includes fund-of-funds management and access to some of the world’s most sophisticated assets, such as hedge funds and private markets across multiple geographies.
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By GlobalDataMoreover, the teams from Itaú International Fund of Funds and Brown Advisory are already collaborating to refine offerings and optimise existing portfolios.
With this partnership, Itaú aims to double the assets under management in Private International within five years.
Itaú Private Bank, a 35-year innovator in Brazil’s private banking segment, oversees approximately R$900bn in assets, including more than R$200bn offshore. It operates through offices in Brazil, Miami, Zurich, and Lisbon, serving 11,000 economic groups with a workforce of over 900 employees.
