Goldman Sachs said it is to launch an onshore private wealth management business in Brazil later this month.

The unit will be based in Sao Paulo and will offer local clients onshore products dominated in the domestic currency. Over time the offering will include a full range of products, including equity and fixed income brokerage, mutual funds, alternative investments, futures, derivatives and structured products. The business also will offer the third-party products.

"Brazil is a strategic focus for Goldman Sachs and we are excited to expand our presence to include private wealth management," said Valentino Carlotti, president of Goldman Sachs Brazil.

Globally, Goldman Sachs Private Wealth Management provides a range of regionally specific wealth services, including asset and liability management.

Fernando Vallada will be leading the team, which company the firm said in a statement is “experienced in dealing with the high net worth segment of the market”.