At  UBS Pactual’s management team in Brazil, Rodrigo Xavier has been named chairman and chief executive of Brazil, reporting to Jerker Johansson, chairman and chief executive of UBS Investment Bank. Mr Xavier has been with UBS Pactual and its predecessor firm Banco Pactual since 1993. He was most recently responsible for co-managing UBS Pactual’s asset management business and will continue to divide his time between São Paulo and Rio de Janeiro.

Juerg Haller has been named chairman and chief executive of UBS Latin America, spanning all business groups. He will report jointly to Mr Johansson and to Robert Wolf, chief executive of UBS Group Americas and president of UBS Investment Bank. He will additionally retain his roles as deputy chief executive and chief operating officer of UBS Pactual.

Mr Xavier succeeds Andre Esteves, who is leaving UBS with a small team to pursue a new, independent venture.

Mr Johansson said: “We thank Andre and other colleagues for their contribution and wish them the best of luck with their new endeavors.”

UBS Pactual offers tailored products and services to corporate, institutional and private clients, with approximately 1,000 people throughout Latin America and a presence in most major regional commercial centres.