Santander Private Bank is growing its wealth management business in Brazil and aiming to add up to 20 advisors by the end of this year.
The Spanish group’s Brazilian wealth business grew by 15% in 2021 after it implemented a new expansion plan with the firm expecting a further 20% growth this year, according to Vitor Ohtsuki (pictured), a private banking director at Santander Brasil.
Among the ways the firm has achieved its recent growth levels is by increasing its synergies with its corporate banking division, hiring top advisor talent with and helping its clients diversify their investment portfolios.
In an interview with our sister publication Citywire Brasil, Ohtsuki said that the firm initiated its expansion plan last year as a response to Brazil’s increasingly competitive wealth management market and managed to raise over R$10bn ($2.15bn) in the space of nine months with the help of its corporate banking unit.
‘We have always had cross-linking with our corporate business, but we saw that we were losing opportunities without having our own structure to take advantage of these opportunities. We brought on 12 people to this area who are spread across Brazil and now work together with our corporate segment to help bring some of their clients over to the private banking side. We believe that this will still be our main organic growth driver, especially within the agricultural regions [of Brazil],’ said Ohtsuki.
In order to capture and retain clients, the bank has been on a recruiting spree to attract top private banking talent.
Over the past year, Santander has hired a total of 60 people, many of which were private bankers, with Ohtsuki saying they still have at least 20 more vacancies to fill. To attract the best professionals, the firm recently changed its private banker remuneration policy, he added.
‘We brought in a new compensation model in response to the market movement of recent years. It is now possible for a private banker reach 200% of the base yield target depending on the performance of the monitored portfolio. We are selling the idea that we want to be the best private banking platform in Brazil and we have had no difficulty finding good people to hire,’ said Ohtsuki.
However, what allows Santander to stand out from many of local private banking offerings it the firm’s international reach, he said. As one of the largest private banking firms in the world with a robust presence in offshore hubs such as Miami and Geneva, Ohtsuki believes the firm can stand out in an environment where Brazilian investors are placing greater value on international investing.
‘Offshore is our differential, as we are a global bank with many offerings, and Brazilian clients have become accustomed to diversifying and this trend should continue. And we are well positioned for that,’ said Ohtsuki.
The group’s growth plan in Brazil also includes looking at potential acquisitions, Ohtsuki said.
‘We continue to keep an eye on opportunities for acquisitions, but so far nothing that makes sense has emerged. The country is in a moment of lower wealth generation but going further inland there is much to be explored and we want to be there. We think we’re more ready for that game too,’ said Ohtsuki.
Additional editing by Atholl Simpson.
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