Zurich-based UBS is buying the 40 percent of Consenso Investimentos that it doesn't already own, «Bloomberg» reported. It had snapped up 60 percent of the Sao Paolo-based multi-family office in 2017 for an undisclosed price.

The move fires the starting gun on the next phase of growth, according to UBS Consenso co-CEO Bruno Barino. The unit wants to hire as many as 25 new advisers over the next two years, Barino told the U.S. financial outlet.

Retreat Vs Attack

The move comes as UBS reportedly vies to buy a share of BB DTVM, another adviser to the wealthy in the largest Latin American market for wealth and asset management. The Swiss bank has been looking to ramp back up in Brazil, where it was forced into selling Banco Pactual in the midst of the 2008/09 financial crisis.

UBS snapped up Link Investimentos in 2013, and then Consenso four years later. The latter tripled UBS' Brazilian assets to roughly $5.5 billion at the time. Consenso's senior partners are still on board, and co-founders Barino and Luiz Borges are co-CEOs.