Fernanda Pasquarelli, the executive director who was responsible for implementing the business in Brazil in 2002, will oversee the unit. Reporting to Pasquarelli is Mailson Hykavei, who leads products, services and investments. Hykavei will also lead a team of investment advisors and local experts that provide financial services to individual, corporate and institutional clients.

"Brazil is a market that continues to see strong economic growth, which has led to a high level of wealth creation,” Pasquarelli said. “With a growth of around 5 per cent a year, Brazil is among the priority markets for the bank's investment."

A number of major banking groups, such as Goldman Sachs, HSBC and JP Morgan, have been developing a presence in the country, promoting services including wealth management.

UBS also has a wealth management presence in Mexico, Puerto Rico, Argentina, Chile, Peru, Panama and Uruguay.

Earlier this week, UBS launched a unit to move its investment bank closer to ultra high net worth wealth management clients, in a move that reinforces the Swiss giant’s belief in the integrated banking model. The new unit, called the Global Family Office Group, is a joint venture between the bank's global UHNW segment and its investment bank.