UBS to hire Credit Suisse's Bassan in Brazil revamp
UBS Group AG, the world's biggest manager of money for the wealthy, hired Daniel Bassan from Credit Suisse Group AG as a managing director in Sao Paulo as part of a restructuring of its Latin America business, two people with direct knowledge of the matter said.
Bassan will start in March and report to Andre Laloni in the Zurich-based firm's investmentbanking division, the people said, asking not to be identified because the move hasn't been announced. UBS is also hiring executives in Chile and Colombia to expand there as competitors retreat, one of the people said.
UBS, which sold its local Banco Pactual SA unit to billionaire Andre Esteves in 2009, regained a Brazil banking license in 2012 after purchasing the brokerage Link Investimentos.
Credit Suisse had consistently ranked among the top merger advisers in Brazil, though now it's pursuing a strategy of focusing more on Switzerland and wealth management in Asia as capital requirements intensify. UBS responded to the economic downturn and tougher capital rules with a worldwide investment-banking salary freeze at least until the second quarter, people with knowledge of the matter said this month.