Merrill Lynch Global Wealth Management has named the head of its planned Brazilian wealth management unit.

The new operation will be headed up by Antonio Costa, who joins from JGP Wealth Management, the boutique investment firm that is part of Wells Fargo Advisors, and will be officed in Sao Paolo.

Brazil has been one of the fastest growing private banking markets in the world and is suffering a less severe economic downturn than most countries. In the past few weeks, JP Morgan, Goldman Sachs and Citigroup have also announced plans to boost their wealth businesses in the country.