Royal Bank of Canada said it has opened RBC Brasil DTVM, a Brazilian investment advisory unit.

The unit will operate as part of Royal Bank's RBC Wealth Management, which has serviced customers in Latin America for decades. Last year it opened its first branches in Chile and Panama and added branches in Mexico and Uruguay. It also has offices in Argentina and Venezuela.

RBC Brasil will provide investment advice, third-party domestic securities, mutual funds, multimarket hedge funds, and equities to high net-worth residents of Brazil. Initially, it will have 12 financial advisers working with clients from offices in Sao Paulo and Porto Alegro. RBC Wealth Management said Monday it plans to hire more advisers for the Brazilian unit this year.

Jose Lima will run RBC Brasil as its general manager. He has worked for RBC Wealth Management's Latin American sales office since 2001.

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