Market gains spread wealth.
The private banking landscape in Latin America is experiencing significant growth and transformation. The growing number of middle-class investors has led to an increase in the number of private banking clients. However, this has also led to a decline in the overall share of assets under management (AUM) of private banks.
At the same time, the region saw a boom in family wealth and the establishment of family offices, driven by market gains and economic improvement. Multinational banks are increasingly focusing on Latin America as a key growth market, revamping their teams and opening new divisions to capture a greater share of the region’s wealth.
The Latin American and Caribbean economy is slowing this year in the face of longer-term higher interest rates and growing political uncertainty, according to credit insurer Atradius. The slowdown is coming relatively smoothly, and the insurer expects a significant recovery in 2025, demonstrating the region’s improved resilience.
Best Private Bank: BTG Pactual Wealth Management
BTG Pactual once again received the award for Best Private Bank in Latin America, having led the sector for five consecutive years. The bank’s Wealth Management Department includes an experienced team that understands clients’ goals and requirements, and offers the most appropriate and complete investment solutions in Brazil and abroad.
The bank had another quarter of strong fundraising between April and June, with a net inflow of 56 billion reais (about $9.7 billion) of net new money, bringing it to 1.7 trillion reais in assets under management or custody. The flow was equally divided between assets and wealth management, which again achieved the highest quarterly revenue: SAR 928 million, an increase of 28% in the year-on-year comparison.
BTG has consistently delivered exceptional global products and delivered fully integrated private banking experiences. Its presence in Latin America serves clients who require tailored region-specific wealth planning solutions.
Best Private Bank for Sustainable Investment: Santander Private Banking
Santander Private Bank currently has advisory mandates in the field of Socially Responsible Investment (SRI) in Spain, Portugal, Mexico, Chile, the United States and Switzerland, but is primarily focused on Europe. By 2025, the bank will integrate environmental, social and governance (ESG) criteria into portfolio management and advisory services for eight countries. Banks seek to grow their strategic businesses and achieve greater portfolio diversification, quality and return.
The total value of Article 8 and 9 Sustainable Finance Disclosure Regulations (SFDR) products that meet environmental, social or sustainable objectives, and products that meet similar criteria applicable in Latin America, was €67.7 billion (about $71.7 billion). Of this amount, €48.1 billion was managed by Santander, and €19.6 billion was in third-party funds advised by Santander Private Banking. This performance was attributed to the Bank’s successful product investment strategy based on the EU Green Markets in Financial Instruments (MiFD) Directive, which introduced sustainable considerations in financial advice and investment decision making within MiFD II, and improved advisory services. Associated with SRI.
Best Private Banking Digital Solutions for Clients: Bradesco Global Private Bank
The integration project between Bradesco Global Private Bank, WhatsApp and Salesforce embodies innovation aimed at excellence in customer service and operational efficiency. Through this initiative, implemented in May 2024, the bank unified two of the most used platforms for its team and customers, allowing all interactions conducted via WhatsApp to be recorded and archived directly in the CRM platform. This process ensures that a full history of conversations is maintained, even if a customer deletes messages, so any professional team can access detailed, up-to-date information about each customer, regardless of when the interaction occurred.
This solution has brought greater flexibility and precision to the service, providing a highly personalized experience aligned to the specific needs of each client – key characteristics of the ultra-high net worth sector. By focusing on customer needs, this initiative allows the team to save time and increase the quality of services. It involves its innovation ecosystem, Inovabra, and strategic partners.
