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UBS reportedly in talks to acquire Brazil’s biggest asset manager

Talks to buy a controlling stake in BB DTVM are preliminary and no agreement has been reached

UBS Group is in discussions to buy a controlling stake in BB DTVM, competing with Franklin Templeton and BlackRock as a potential acquirer of Brazil’s biggest asset-management company, according to people familiar with the matter.

Talks for the company, which has 1.2 trillion reais ($217 billion) in assets under management, are preliminary and no agreement has been reached.

The sale process will probably be delayed because state-owned Banco do Brasil, the company’s parent, is in the process of replacing its chief executive. Fausto de Andrade Ribeiro was nominated to take over for Andre Brandao, who had made the sale a priority. But Mr Brandao quit last week after clashing with Brazilian President Jair Bolsonaro over austerity measures.

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