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UBS AG  (UBS) - Get UBS Group AG Registered Report shares slipped in early trading Wednesday after it bought a majority slice of a Brazilian family office, bulking up its Latin American footprint in wealth management.

The Swiss bank said late Tuesday that it will acquire a controlling stake in Consenso Investimentos, but did disclose financial details. Consenso has around 20 billion Brazilian reals ($6.1 billion) under management.

UBS stock slipped just more than 0.5% shortly after the opening bell, to change hands at an intraday low of Sfr 15.95, which was in contrast to the 0.25% gain of the Stoxx Europe 600 Banks index.

Although UBS' pivot back toward its wealth management business is not new, it has become controversial of late, with the Singapore sovereign wealth fund having sold a significant chunk of its holding in the lender barely a fortnight ago due to concerns over strategy.

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"GIC made the UBS sale despite the loss because conditions have changed fundamentally since GIC invested in UBS in February 2008, as have UBS' strategy and business," said Lim Chow Kiat, CEO of GIC Private, at the time of the sale.

May's sale of more than 90 million shares saw GIC Private cede its spot as UBS' largest shareholder, in favor of fourth place on the share register.

The sovereign wealth fund invested more than than Sfr 11 billion in UBS back in December 2007 as the lender sought to repair the damage wrought on its balance sheet by souring subprime mortgage loans as the global financial crisis escalated.

It later added to this stake by subscribing to Sfr16 billion rights issue launched by the bank in May 2008, which left it holding more than a 9% stake in the lender.

The sovereign wealth fund also bought heavily into Citigroup (C) - Get Citigroup Inc. Report during the financial crisis, investing more than $6 billion in the American lender.

"GIC is disappointed that the UBS investment resulted in a loss, but its Citigroup investment has earned a positive return. The combined return on the UBS and Citigroup investments has been positive in mark-to-market terms," GIC said in a statement on May 15.