SAO PAULO, Sept 26 (Reuters) - The asset management arm of Brazil's largest private lender Itau Unibanco said on Tuesday it hired former central bank monetary policy director Bruno Serra to lead a new management team.

Itau Asset, which has 840 billion reais ($168.44 billion)under management, said in a statement that Serra will lead a new management team of 14 people.

The former official ended a four-year term at the central bank earlier this year. Before that, he had worked at Itau and Bank Boston.

($1 = 4.9868 reais) (Reporting by Peter Frontini; Editing by Jacqueline Wong)