Prominent Brazilian Family Office Boosts Assets – Report

Editorial Staff

25 March 2024

The family office managing the fortune of Brazil’s billionaire Moreira Salles' clan boosted its assets under management to nearly $11 billion while adding staff, Bloomberg reported.

BW Gestao de Investimentos, a single-family office, added R5.4 billion ($1.1 billion) in assets during 2023 from dividends earned from its banking and mining businesses, according to its annual report released last week. (The report was published in Portuguese; the news service provided an English translation.)

The Sao Paulo-based firm also grew its headcount to 78 employees from 69 from the year before, the report said.

The firm, which also has an office in New York, is run by Joao Moreira Salles, a former JP investment banker. He’s a fourth-generation member of the family that’s been in finance since his great-grandfather, also named Joao, founded a bank in the 1920s.

The family has a co-controlling stake in Itau Unibanco Holding SA, Latin America’s biggest bank, as well as interests in mining, energy, agriculture and footwear.

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