02Macro, politics & other
BRMacro, politics & other
Real hits its weakest close of 2026 and the Ibovespa falls for a sixth straight session ahead of tonight's Copom decision
On 3 November the commercial dollar closed at R$5.486 (+0.74%), after touching R$5.509 intraday, and the Ibovespa fell 1.42% to 165,528.92, its sixth straight loss since Lula's re-election and about 19% below its pre-runoff level above 205,000. Fiscal uncertainty, André Lara Resende's monetary-regime proposals and a stronger global dollar were cited. Options priced a 72.5% chance of a hold at 13.75% against 26% for a 0.25 pp cut; Santander, Itaú, XP and Goldman expect a hold, while Bradesco, ASA and Inter still see a cut. The decision is due after 18:30 Brasília (22:30 Zurich).
Why it matters for LIDE membersA roughly 10% fall in the real since late October changes entry points and hedging costs for Swiss investors in BRL assets and for Brazilian families funding CHF commitments.
BRMacro, politics & other
Lula will appoint six of nine Banco Central board members by the end of 2027, and markets fear a dovish shift
Two Banco Central director seats have been vacant since January 2026, two more open by February 2027 and two others expire on 31 December 2027, so by 2028 Lula's appointees would hold a majority of the nine-member Copom. Analysts worry about heterodox picks and pressure to relax the 3% inflation target; a rumour about André Roncaglia moved prices, although he says he has not been contacted. Finance Minister Dario Durigan says the appointments will follow 'technical rigour'.
Why it matters for LIDE membersThe make-up of the Copom will shape Brazil's medium-term rate path and the real, central to fixed-income and FX decisions of members' family offices and private banks.
BRMacro, politics & otherUnconfirmed report – Folhapress
Finance Minister Durigan promises a 'gradual' fiscal adjustment; the ministry is reportedly drafting a PEC to target the centre of the fiscal goal
Dario Durigan said the government is preparing a gradual fiscal adjustment that respects campaign commitments, but gave no timeline because Lula has not yet decided on measures. According to Folhapress, the ministry is drafting a constitutional amendment (PEC) that would let the new government aim for the centre of the fiscal target and freeze more spending if needed to stabilise debt of about 83% of GDP. Durigan called Lara Resende's idea of decoupling the Selic from debt rollover 'incipient'.
Why it matters for LIDE membersThe credibility of the post-election fiscal package is the main driver of Brazilian rates, the real and country risk for members' Brazil allocations.
04Taxes & wealth planning
BRTaxes & wealth planningMacro, politics & other
Senate rapporteur Eduardo Braga 'surprised' by the TCU's 11.3% CBS reference rate and promises a careful debate
Senator Eduardo Braga (MDB-AM), the Senate rapporteur for the tax reform, said senators were caught off guard by the 11.3% CBS reference rate the TCU approved on 28 October, well above earlier estimates of 9.21%. With the IBS still undefined, the combined CBS and IBS rate could approach 30%, against 27.91% previously estimated. Public hearings in the CAE are expected from 11 November; if the Senate does not set the rate by resolution by 15 December, the TCU figure applies when the CBS replaces PIS/Cofins in 2027.
Why it matters for LIDE membersA consumption-tax burden near 30% from 2027 affects pricing, margins and investment cases for Swiss companies in Brazil and for Brazilian family businesses.
CHTaxes & wealth planningMacro, politics & other
Swiss votes on 29 November: the VAT rise for the 13th AHV pension is in a close race, while the 'Fairness' marriage-tax initiative leads
A Republik voter guide published on 4 November covers the four federal proposals: a 0.4 pp VAT increase to part-fund the 13th AHV pension, the Mitte's 'Fairness' initiative against the federal marriage penalty, a loosening of the War Material Act and a ban on noisy fireworks. In the first SRG/gfs.bern survey (23 October), the VAT increase stood at 46% yes and 49% no and the Fairness initiative at 55% yes and 34% no. No new poll was published in the window.
Why it matters for LIDE membersThe outcome affects VAT costs, the taxation of married couples and Swiss pension funding, all relevant for residents, relocating HNWIs and Swiss-based employers.
05Private banking & wealth management
BRPrivate banking & wealth management
Itaú posts a record R$12.6bn Q3 profit, slightly below consensus; ROE eases to 23.6%
Itaú Unibanco reported recurring net income of R$12.6bn for Q3 2026 after the close on 3 November, up 6.7% year on year and its 12th consecutive quarterly increase, but just below the Bloomberg consensus of R$12.71bn. Recurring ROE slipped to 23.6% from 24.3%, which the bank partly attributes to its 12.7% CET1 ratio. The loan book reached R$1.544trn (+10.2%), 90-day NPLs rose to 2.0%, and 2026 loan and fee guidance was kept while the expected effective tax rate was cut to 28–29%.
Why it matters for LIDE membersBrazil's largest private bank sets the tone for credit quality and capital returns into 2027, and its excess-capital remark keeps a possible extraordinary distribution in view.
BRPrivate banking & wealth managementTaxes & wealth planning
BTG Pactual opens its international platform to clients' offshore family holding companies
BTG Pactual launched the 'Conta PIC' (Private Investment Company), extending its international accounts to personal or family holding companies domiciled in the Bahamas, Cayman Islands, BVI or Panama. The holdings can invest in equities, ETFs, ADRs, REITs, funds, UCITS ETFs and fixed income, with digital onboarding by adviser invitation; an existing BTG Brazil account and an individual international account are required. The bank calls the product an early phase and gave no volumes.
Why it matters for LIDE membersBrazilian banks are moving into offshore structuring that Swiss private banks and EAMs have long served for Brazilian families, adding competition and room for partnerships.
CHPrivate banking & wealth managementPrivate Market
DWS makes Switzerland its global hub for family offices and plans to buy Zug-based Peakside
Sven Württemberger, CEO of DWS Switzerland, takes on global coordination of the group's family office business, covering family offices' whole portfolio from asset allocation and liquidity to public and private markets. DWS also plans to acquire Peakside Capital Advisors, a Zug firm focused on German real estate, and is introducing 'Deutsche Asset Management' as its global umbrella brand between November 2026 and March 2027.
Why it matters for LIDE membersAnother global asset manager is anchoring its family office business in Switzerland, reinforcing the Swiss hub used by Brazilian business families.
CHPrivate banking & wealth managementUnconfirmed report – Inside Paradeplatz
Inside Paradeplatz reports senior advisers leaving UBS Wealth Management in Switzerland
Inside Paradeplatz claims that several sought-after relationship managers in UBS's Swiss wealth management unit are moving to competitors and that more will follow. The publicly accessible text names no individuals, destinations or figures, and UBS has made no statement.
Why it matters for LIDE membersAdviser moves after the Credit Suisse integration are reshaping Swiss private banking relationships, including those with Brazilian clients.
06Private Market
CHPrivate MarketPrivate banking & wealth managementUnconfirmed report – ad-hoc-news.de
Partners Group's €6.6bn evergreen fund heads to a shareholder vote on a two-track split amid redemption caps
Investors in Partners Group's Global Value SICAV are reportedly due to vote in the week of 9 November on splitting the fund into a distributing sub-fund for older holdings and an accumulating sub-fund for long-term investors, with fee cuts of 25–75bp and a start on 30 November if approved. Quarterly redemptions have been capped at 5% of NAV since June, when requests reached 9.8%, and Q3 requests reportedly hit the cap again. The plan was first announced on 2 October; the vote timing and Q3 detail are new.
Why it matters for LIDE membersA live test of liquidity in evergreen private-markets funds, widely sold to family offices and private bank clients in both countries.
CHPrivate Market
Swiss franc bond market sets an all-time issuance record with two months still to go
Swiss franc bond issuance reached about CHF 89bn by the end of October, according to Zürcher Kantonalbank data cited by finews.ch, already matching the full-year 2009 record of CHF 88.9bn. October's CHF 7.3bn was the strongest October on record, driven by domestic issuers, while foreign issuance slowed to about CHF 0.8bn.
Why it matters for LIDE membersA deep, open franc market is a funding option for Brazilian corporates looking to diversify beyond local and USD markets.
BRPrivate MarketPrivate banking & wealth managementUnconfirmed report – Bloomberg Línea
Itaú BBA sets up a private credit desk with a team hired from Genial
Itaú BBA's brokerage is creating a Brazilian private credit desk for institutional clients such as insurers, multimarket funds and asset managers, according to a person familiar cited by Bloomberg News; Bruno Costa and Flavio Santos join from Genial Investimentos. The move targets the secondary debenture market, which traded R$689bn in January–September 2026 (+5.8%, Anbima).
Why it matters for LIDE membersDeeper liquidity in Brazilian corporate debt matters both to investors seeking Brazilian credit and to issuers seeking local funding.
07Crypto & digital assets
BRCrypto & digital assetsFintech
Brazil's crypto market thins out after the licence deadline, with bank restrictions starting on 6 November
The window for operating virtual-asset providers to apply for Banco Central do Brasil authorisation closed on 30 October; market tallies put applicants at about 74–75, including Binance, Coinbase, OKX, Kraken, Mercado Bitcoin, Foxbit, Nubank, Itaú, BTG and Inter, while at least 15 firms such as Bity, Uphold, NovaDAX and Revolut (crypto only) are leaving or scaling back. The BCB has not published an official list. From 6 November, Resolução BCB 589 bars banks and payment institutions from operating with unauthorised providers, with exceptions for pending applicants, and crypto and stablecoin FX operations have been reportable under Resolução BCB 574 since 3 November.
Why it matters for LIDE membersCounterparty and custody due diligence on Brazilian crypto platforms becomes urgent for investors, banks and family offices as the licensed perimeter takes shape.
08AI & Infrastructure
BRAI & Infrastructure
Brazil's ~R$1bn AI supercomputer tender slips to 2027 after the call is reopened
FACC, the foundation running procurement for the national computing laboratory LNCC, cancelled the 4 November proposal-opening session for the flagship machine of Brazil's national AI plan (PBIA). The call (Seleção Pública nº 27/2026, about R$959m, funded by FNDCT via Finep) must be republished, restarting the 35-business-day proposal period and pushing supplier selection into 2027. An erratum changed the weighting to 70% technical, 20% national production and 10% price.
Why it matters for LIDE membersIt slows Brazil's sovereign-compute agenda, and the new national-production weighting matters to any Swiss or European hardware supplier planning to bid.
BRAI & InfrastructurePrivate Market
Rystad Energy cuts Brazil's announced data-centre pipeline from 21 GW to about 7 GW on a risk-adjusted basis
A Rystad Energy analysis, republished on 3 November, says Brazil's data-centre build-out now depends on execution and shrinks the announced 21 GW pipeline to about 7 GW on a risk-adjusted basis. Under the Redata law (Lei 15.504/2026) the executive has still not defined whether gas-fired power counts as low-emission, nor set efficiency metrics, local-content rules or compliance checks, while grid congestion adds uncertainty.
Why it matters for LIDE membersInvestors weighing Brazilian data-centre exposure should discount headline GW figures until the Redata rules and grid access are clear.
BRAI & Infrastructure
Brazilian telcos scale AI: Vivo to replace its IVR with agentic AI, Algar reports R$2.8m in procurement savings
Vivo plans to replace its numeric IVR with a fully conversational agentic AI by the end of 2026, its AI manager said at the Embrapii Roadshow in Campinas; the operator has about 400 people working on AI and says AI router diagnostics cut technician visits by 49% in Q3. Algar reported R$2.8m in savings since March 2025 after its 'Suppla' bot took over about 60% of procurement requests.
Why it matters for LIDE membersLarge Brazilian corporates are moving AI from pilots into operations with measurable savings, a benchmark for members' own businesses.
09Fintech
CHFintechAI & Infrastructure
FINMA chair Amstad warns of AI concentration risk and fraud gaps; FINMA pilots AI for fintech licensing checks
At the Swiss Bankers Association's Digital Finance Day, FINMA chair Marlene Amstad said AI use at Swiss institutions is growing fast, warned that reliance on a few large tech providers could become a financial-stability concern and stressed that institutions remain accountable for AI they buy. She noted that some surveyed institutions lack a dedicated fraud policy. FINMA is piloting 'Subsuma', which runs open-source models, including the Swiss model Apertus, on its own hardware to help assess whether fintech business models need a licence.
Why it matters for LIDE membersIt signals FINMA's expectations on AI governance, third-party risk and fraud for any bank, fintech or EAM operating in Switzerland.
CHFintech
TWINT launches in-app payment of Swiss QR invoices
Since 4 November, TWINT users can scan and pay Swiss QR-bill invoices in the app, schedule payment before the due date, and pay digital invoices through buttons embedded in emails, websites and apps. TWINT says the service is free for users and that merchants may not add surcharges; early billers include Planzer, EKS Schaffhausen and ewl Luzern. A direct-debit alternative is planned from 2027.
Why it matters for LIDE membersSwitzerland's dominant wallet is moving into bill payment, a Pix-like shift toward wallet-led payments that Brazilian payment and fintech players will recognise.
BRFintech
QI Tech wins Susep authorisation and launches QI Seguradora, targeting R$3bn in premiums
Infrastructure fintech QI Tech has launched QI Seguradora after Susep authorised it to underwrite its own policies, and will run an open embedded-insurance platform through which other insurers distribute cover inside partners' apps. Products include life, credit-linked life, auto and mobile-phone cover, with a target of about R$3bn in premiums within three to five years.
Why it matters for LIDE membersBrazilian fintech infrastructure is widening into regulated adjacent verticals, relevant for Swiss insurers and reinsurers seeking distribution partners in Brazil.
BRFintech
Brazilian fintechs expected to post higher Q3 profits, but analysts flag 2027 risks
Previews from Itaú BBA and Safra point to higher Q3 earnings at most listed Brazilian fintechs: Itaú BBA expects Nubank to earn about R$5.4bn with a 31% ROE, Inter about R$429m and PagBank about R$587m, while Stone is seen about 11% lower as Pix erodes card fees. Analysts are more concerned about 2027, citing high rates, margin pressure and credit quality. Results are due on 10 November (PagBank) and 12 November (Nubank, Inter, Stone).
Why it matters for LIDE membersBrazilian fintech equities sit in many cross-border portfolios and remain volatile after the election-week sell-off.