IN EARLY 2010 Brazil’s Bradesco Asset Management began to solidify its strategy to attract international capital into its managed funds. Tentative soundings of the market in the previous two years had been encouraging, says company chief Denise Pavarina, so about 12 months ago the marketing efforts began in earnest.
The focus began in Japan, where Bradesco has a partnership with Mitsubishi UFJ Financial Group. One year later these plans had to accommodate the speed bumps of the withdrawal of funds from emerging markets globally, the sideways performance of Brazil’s Bovespa and the increase of the IOF international tax on Brazilian fixed-income investments to 6% in October 2010.
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