UBS Pactual Wealth Management Brazil has opened a new office in the city of Porto Alegre, in the country’s southern-most state of Rio Grande do Sul. According to a report in the local press, UBS aims to attract between five and ten per cent of the region’s rich to the new office. The office will employ six relationship managers and will be under the direction of Fernanda Pasquarelli. UBS acquired Banco Pactual, a Brazilian investment bank which had a growing wealth management business, in May 2006, in a deal worth up to SFr3 billion ($2.5 billion). Banco Pactual is headquartered in Rio de Janeiro and has offices in Sao Paolo, Recife and Belo Horizonte. At the time of acquisition, it managed assets worth $18.6 billion. Its wealth management business looked after $4.6 billion for high net worth individuals.