UBS had received all necessary approvals to finalize the transaction, the Swiss bank said, and would begin operating in Brazil under the name of UBS Pactual.
Commenting on the successful completion of the deal, UBS Investment Bank chairman and chief executive Huw Jenkins said that the acquisition was an important part of UBS's commitment to expansion in the world's emerging markets.
"Our team at UBS Pactual adds a great depth of talent to the firm and will be instrumental in delivering our global product offering to this important regional client base," he said.
Andre Esteves, chairman and chief executive of UBS Latin America, added that UBS's expertise in wealth and asset management should enable it to building a leading financial service in South America.
UBS Pactual will offer investment banking, asset management and wealth management services to regional clients.