The firm has welcomed an Itaú investment manager to its Brazilian private bank.

JP Morgan Private Bank has appointed Marcel Katayama to its asset manager selection team in Brazil. 

Katayama was previously fund of funds portfolio manager at Itaú Unibanco, where he worked since 2011. Before that, he was fund of funds portfolio manager at BTG.

Based in Sao Paulo, Katayama will focus on manager selection and fund research, covering both traditional funds and liquid alternatives in the local market.

In its recent third-quarter results statement, JP Morgan reported net income of $6.286 billion, up from $6.2 billion in the previous three-month period but down from $6.804 billion a year earlier. It made no reference to its private banking results.