UBS plans to expand wealth management in Asia and Latin America, two key growth markets, through takeovers and hiring teams of competing firms. Last year, the Swiss bank bought the multi-family offices Consenso in Brazil, as reported by finews.com.

Switzerland’s largest bank has now pounced again, taking on a team from J.P. Morgan. The five relationship managers for very rich customers have received contracts at UBS, according to an internal memo seen by «Reuters».

Mega-Bucks

The team manages about $30 billion and is being led by Carlos Rodriguez Aspirichaga, the head of private banking of J.P. Morgan in Mexico. The four other members of the team are managing directors: Miguel Barbosa, Ricardo Mendez, Alfonso Barros and Juan Caldéron. The U.S. bank didn’t comment the moves, according to the report.