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"We are coming to this market a little later, so we need to make an effort to find out who the best people are and then hire them" |
Executing such a deal in Brazil might previously have been beyond the bank, but it is rapidly building its local currency underwriting and distribution capabilities as part of an ambitious plan of expansion.
Goldman Sachs already has a strong investment banking presence in Latin America’s biggest market, particularly in M&A. Now the newly launched Brazil unit will offer a complete range of banking services, including fixed income, equity, commodities and currency trading as well as research, brokerage, derivatives and asset management. Co-heads Eduardo Centola and Martin Werner say they are looking to double the size of their team by the end of the year to compete with established players such as Credit Suisse and UBS Pactual.
"We are coming to this market a little later," says Centola, "so we need to make an effort to find out who the best people are and then hire them. We have already begun to do that: we’ve hired Stephen Graham, who is rated as Brazil’s number one telecoms and media analyst, from UBS.