The Goldman Sachs Group will launch its onshore private wealth management (PWM) business in Brazil later this month, with a catalogue of products including futures, derivatives and structured products. PWM Brazil will be based in Sao Paulo and will operate an open architecture platform offering local clients onshore products denominated in reais. The bank said the move is part of a global expansion strategy.
"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," said Beatriz Sanchez, managing director and regional manager of Latin America for Goldman Sachs PWM.
Meanwhile, Goldman Sachs Asset Management (GSAM) has launched its business in Brazil with a family of funds for onshore investors, although no structured or capital-protected funds have been issued within the first wave. GSAM Brazil was granted its asset management licence in May 2008.