Deutsche Bank's Ex-Latam CEO Brings Penchas to New Brazil FirmBy and
Joins Investment One Partners to help expand wealth management
Sergio Penchas helped manage Joseph Safra’s family fortune
Investment One Partners, the boutique created by Deutsche Bank AG’s former chief executive officer for Latin America, said Sergio Penchas joined as a partner to help expand its wealth-management business.
Penchas, who was Safra Group’s CEO for Monaco, is joining the firm Bernardo Parnes created earlier this year. Investment One has 22 employees and about 800 million reais ($256 million) in assets under management, Parnes said in an interview.
Penchas, 45, worked at Safra for 26 years in the firm’s asset-management, family-office and private-banking businesses. Like Parnes, he also helped manage billionaire Joseph Safra’s family fortune.
“We plan to work as a multi-family office and to provide our clients an independent advisory from experienced executives,” Parnes said. The boutique, whose office in Sao Paulo’s Faria Lima financial district is already being expanded, obtained an asset-management license last week and is planning to start its own equity fund in about 30 days.
The private-banking industry in Brazil expanded 7.3 percent in the first half of 2017, with assets climbing to 892.3 billion reais as of June, according to Anbima, the capital-markets association. In May, Zurich-based UBS Group AG, the biggest wealth manager in the world, said it acquired Consenso Investimentos Ltda., Brazil’s largest independent multi-family office.
“Brazil’s falling interest rates will create more need for specialized wealth management,” Penchas said.
Investment One is also providing advisory services for mergers, equity offerings, private placements and debt restructurings, said Parnes, who stepped down from Deutsche Bank in 2016. He previously worked as CEO in Brazil for Merrill Lynch & Co. and Banco Bradesco BBI SA.