Itau Hires McCarthy From Safra as Global CIO for Private Bank

  • McCarthy to be based in Sao Paulo, report to Severiano
  • Will oversee strategy in Brazil, Miami, New York, Zurich

Itau Unibanco Holding SA, the biggest wealth manager in Brazil, hired Nicholas McCarthy from Banco Safra SA for a new role as global chief investment officer for the private bank.

McCarthy will be based in Sao Paulo and oversee strategy for asset allocation and the investment-advisory business for wealthy Latin American individuals, Itau said in an e-mailed statement. He will head teams in Brazil, Miami, New York and Zurich and report to Luiz Severiano, a director responsible for the private-bank business at Itau, Brazil’s biggest bank by market value.

The private-banking industry in Brazil had 762.6 billion reais ($235 billion) in assets under management as of June 2016, an increase of 7 percent from December, according to Anbima, the capital-markets association.

McCarthy has worked for 25 years in the financial markets. At Safra, he was responsible for fixed income and hedge funds asset management. Before that, he worked at JPMorgan Chase & Co. and Banco Matrix SA.

McCarthy has “solid experience” that will “strengthen a team that specializes in giving advice to clients and offers the best investments in the financial markets,” Severiano said in the statement.

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