UBS's Lacerda Leaves as Head of Brazil Investment Banking

  • Departure comes after bank restructures Latin America business
  • Lacerda began reporting to Andre Laloni in August reshuffling

UBS Group AG said its head of investment banking in Brazil, Carolina Lacerda, is leaving the firm Tuesday.

Lacerda’s departure came almost three months after the Zurich-based bank restructured its Latin American business as industrywide revenue from investment banking in the region fell. UBS said in a statement Tuesday that those changes were part of an expansion plan for South America.

UBS said in August hired Andre Laloni, previously at Barclays Plc, to head the investment bank for Brazil and South America’s Southern Cone nations, and Lacerda started reporting to him. The bank, the world’s biggest manager of money for the wealthy, also at that time named Gerard Cremoux co-chairman of the Latin America unit. Cremoux, who was head of the investment bank for Latin America, moved to New York from Sao Paulo to lead the region with Tristan Garel Jones.

Lacerda, who joined UBS in 2011, is a director of Anbima, Brazil’s capital-markets association, and a board member of the National Confederation of Brazilian Banks. She previously worked at Deutsche Bank AG, Merrill Lynch & Co., Bear Stearns Cos. and ING Groep NV.

UBS has made progress in Latin America, where it ranks 15th among advisers on mergers this year, up from 21st in the same period last year, according to data compiled by Bloomberg.

The bank said Tuesday it was reorganizing top management and postponing a profit target after reporting earnings more than doubled in the third quarter.

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