The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Fund management: Foreigners pick off Brazilian asset managers

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.

Foreigners are developing a taste for long-term direct investments, not just portfolio plays, says Luiz Fernando Figueiredo at boutique Mauá Investimentos. Interest comes just as local managers branch out into longer-term investments, such as private equity and venture capital. He adds that investment banks are actively seeking acquisitions and are likely to lead the next wave of buyers. The concept is solid, he reasons: demand for funds is outstripping supply, with many funds closing for long periods to investment.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree