According to Credit Suisse, the $294 million deal will add "significant scale" to the Swiss bank's offshore asset management business, complementing its current position as Brazil's leading investment bank.
Hedging-Griffo currently manages around $76 billion for wealthy individuals in Brazil, with an average annual growth rate of 38.5 per cent.
Commenting on the deal, Anthony DeChellis, head of private banking Americas for Credit Suisse, said: "We are committed to growing our onshore private banking presence in Brazil, a core market for Credit Suisse.
"Hedging-Griffo is the right partner with which to join forces to serve high-net worth and ultra-high net worth individuals in the country. In addition, Hedging-Griffo's industry leading asset management business is highly complementary to Credit Suisse's asset management operations in Brazil."
The sale is expected to be finalized in mid-2007.