Banco Santander (Brasil) SA has created a "family office" department under its private banking structure which will cater to high-income clients, Valor Econômico reported.
The new department will act as an independent asset manager, looking at clients' investment portfolios in the aggregate and offering advice on inheritance and estate planning.
With its new strategy, Santander Brasil looks to target "ultra-high net worth" family segments, or those with resources starting at 80 million Brazilian reais.
The plan is part of efforts made by the bank's Spain-based parent, Banco Santander SA, to grow the unit's wealth management division. The Brazil unit will replicate the Spanish group's newly created wealth management area, which began to integrate private banking and resource management activities after it acquired the assets of private equity funds Warburg Pincus and General Atlantic.
As of Nov. 27, US$1 was equivalent to 3.22 Brazilian reais.