Bank of America Merrill Lynch has shut its wealth management business serviced from Brazil as part of a profitability drive, a Bank of America spokesperson confirmed to WealthBriefing.

"Our key objective is to deliver solid, profitable results and a healthy return on capital for all our stakeholders. With this in mind, and after careful review, we have made the decision to close our wealth management business serviced from Brazil. This was not an easy decision, but necessary given our goal to maximize shareholder return," the firm said in an emailed statement.

The story would appear to serve as a counterpoint to many firms' recent focus on Brazil as a rapidly expanding wealth management market. A few days ago, Brazil-headquartered Safra Group, for example, bought the controlling stake in Switzerland’s Sarasin & Co from Rabobank, the Dutch firm.

Merrill Lynch will focus on corporate and investment banking in Brazil.

Bank of America Merrill Lynch is Brazil's 30th largest asset manager, with about $3 billion in assets under management, the report said, citing Brazil's Investment Banking Association data.