US and European fund managers are snapping up stakes in Brazil’s small, specialist fund boutiques. They are looking to gain exposure to some of the world’s fastest-growing financial markets, diversify revenues, and capture the huge Brazilian shift out of bonds into equities and other assets. For their part, Brazilian managers are gaining know-how, technology and access to well-oiled marketing machines.
Most recently, BNY Mellon acquired ARX Capital, increasing assets under management in Brazil from some $2 billion to more than $4.6 billion. Earlier last year, Harvard Management Company took a 12.5% stake in Gávea Investimentos at an undisclosed price, and the Brazilian subsidiary of Portugal’s Banif took over Nitor to create Banif Nitor Asset Management. These deals follow Credit Suisse’s purchase of a stake in Hedging Griffo and UBS’s takeover of Pactual.
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