Nicholas McCarthy has reportedly joined Itau Unibanco in Sao Paulo in a new private banking role.

Brazil’s Itau Unibanco has recruited Nicholas McCarthy from Banco Safra as global chief investment officer within its private bank, Bloomberg reported.

Based in Sao Paulo, McCarthy will oversee asset allocation and investment advisory affairs for wealthy Latin American individuals, the news service said, citing a statement sent via email.

He will head teams in Brazil, Miami, New York and Zurich, and report to Luiz Severiano, a director responsible for Itau’s private banking business. 

At Banco Safra, McCarthy was responsible for fixed income and hedge funds asset management. Before that, he worked at JP Morgan and Banco Matrix.

Family Wealth Report is seeking confirmation of the move.