March 14 (Bloomberg) -- Fabio Okumura, Banco Itau BBA SA’s former head of trading, and eight other executives who left the bank this week will join with Credit Suisse Group AG in Brazil to form an asset-management firm.
The venture with Credit Suisse Hedging-Griffo, the lender’s asset-management and private-banking subsidiary in Brazil, will open new funds, Credit Suisse said in an e-mailed statement.
The new firm will follow a model used by Peninsula Investimentos SA, Credit Suisse said. Peninsula is a partnership between Credit Suisse and 16 executives including Antonio Quintella, who previously led the Americas for the Zurich-based bank, and Sergio Fraiman Blatyta, ex-head of proprietary trading at Banco Santander Brasil SA.
Peninsula raised about 3.25 billion reais ($1.4 billion) in August for a hedge fund that caters to high-net-worth clients that is now closed to new deposits.
Total assets under management by the wealth-management industry in Brazil rose 9.5 percent to 577 billion reais as of December from a year earlier, according to Anbima, the capital markets association.
Economist Aurelio Bicalho is among those who left Itau BBA, a person familiar with the matter said March 12. The wholesale arm of the Sao Paulo-based Itau Unibanco Holding SA named Marco Antonio Sudano to replace Okumura and lead a new team of six according to a memo distributed to employees.
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