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UBS CONSENSO LEAVING PERSONAL STAMP ON BRAZILIAN WEALTH MANAGEMENT

March 14, 2018
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Consenso partners Heinz Jorg Gruber, Maria Alice C. Monteiro de Gouvêa,Luiz
Alberto Hess Borges, Valéria Milani Pierini, Daniel Auerbach
Consenso partners Heinz Jorg Gruber, Maria Alice C. Monteiro de Gouvêa,Luiz
Alberto Hess Borges, Valéria Milani Pierini, Daniel Auerbach


AS LOWER INTEREST RATES IN BRAZIL HAVE MADE WEALTH MANAGERS MORE RELEVANT, THE
CEO OF CONSENSO — WHICH UBS ACQUIRED IN 2017 — SAYS THAT THE SECRET OF WEALTH
MANAGEMENT GOES BEYOND MAKING BIG CALLS ON MARKETS.

For a long time, Brazilian wealth managers had a formidable competitor in the
form of domestic government bonds, sometimes paying interest rates of 14%. Even
in that environment, family offices such as Consenso were able to prosper; the
firm has accumulated more than $10bn of assets under management since it was
founded in 2003. 

But with domestic interest rates in Brazil having dropped sharply, managers
really have an even bigger chance to add value, says Luiz Alberto Hess Borges,
former managing partner at Consenso and current Head of UBS WM Brazil, which won
best family office services in Brazil in this year’s Euromoney private banking
survey.

“Lower interest rates have of course been good for us,” says Borges. “Now
Brazilians really need financial advisory to aggregate value.”

It was in this context that UBS, the largest wealth manager in the world, sought
to accelerate its expansion in Brazil. In 2017, the Swiss firm opted to acquire
a majority stake of the biggest independent multifamily office in Brazil. 

“The association with UBS enhances and consolidates the Brazilian operation,
enabling privileged access to the world’s leading wealth manager and its’ Chief
Investment Office with a team of more than 200 analysts in 13 key financial
hubs”, said Sylvia B Coutinho, Head of WM LatAm & Country Head UBS Group
Brazil. 

Accordingly, while the Swiss bank’s acquisition brought important structural
benefits to Consenso, it was certainly not going to change the firm’s way of
going about its business, according to Borges. 

Consenso translates into “consensus” and reflects the focus on understanding the
client and the family dynamics and expectations including the next generations.
Therefore the financial advisory reaches another level of efficiency and
objectivity.

UBS Consenso works with an open architecture platform, being able to choose
what’s best for its clients and to provide independent advisory, focused on each
family´s needs. Using a 360º comprehensive view, UBS Consenso is the single
point of contact for the clients, intermediating and coordinating all aspects
related to the clients’ wealth. 

This client centricity goes back to before the firm’s beginnings, when the
managing partners were executives at Banco BBA Creditanstalt. In 1997, according
to Borges, the executives established that the same officers would work on both
domestic and off-shore opportunities. Borges says this was “revolutionary” at
the time.

Adding to that, Borges said, “When we started 100% of our clients were
entrepreneurs, so we were not only contemplating the dynamics of financial
markets. This is perhaps our most important strength. When you bring the real
economy to your analysis, your perspective becomes far richer.”

“Being more interested in wealth preservation than in profitability has also
meant a natural migration of clients to businesses like ours during the
downturns in the Brazilian economy,” says Borges. “A trend that is still lasting
in today’s context.” 


CARING WHERE MARKETS CAN’T 

UBS Consenso advises its clients on products ranging from ordinary financial
securities to more complex investments such as private equity and real estate.
Yet Borges believes that the job of a good wealth manager goes way beyond any
particular take on markets. As he points out, high net worth individuals can
find hedges for almost any product in financial markets.

“However, there is no hedge for family events, and these events can jeopardize a
net worth far more than market events,” he says.

One example of putting this theory into practice is the business’s focus on
succession planning. UBS Consenso’s Advisors sometimes attend board meetings at
family businesses, and they often advise the client to make a small donation to
their children, thus encouraging them to make their own financial decisions.

“This exposes the children to decisions they’ve never had to take before, and
often they’re actually more conservative than their parents,” says Borges.

For Borges, it feels that the key to success is not markets but offering a
personalized service. Yet this can still materialize into astute practical
financial advice. 

Around 30% of UBS Consenso’s assets under management are invested in off-shore
markets, and the firm’s business is not betting on currency movements. But a
personalized take on currency exposure might mean, for example, the firm
understanding that hard currency risk for a client with a domestic business is
not the same as hard currency risk for a client whose family business is itself
a generator of dollars.

In uncertain times in Brazil, therefore, UBS Consenso believes in an approach
tailored to the personal needs of an investor.



Find out more at www.consenso-br.com


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