NEW YORK, NY--(Marketwire - June 12, 2008) - Banco do Brasil Administradora de Ativosin,
the asset management arm of Rio de Janeiro-based Banco do Brasil, captures
the top spot in the Brazil 20, Institutional Investor's inaugural ranking
of the country's biggest money management firms. BB DTVM has $112.7 million
in assets under management.
In second place is São Paulo-based Banco Itaú, with $90.2 million. The
state-owned Caixa Econômica Federal in São Paulo comes in third, with
assets under management totaling $81.3 million.
Many of the country's money management firms are preparing for an influx of
cash following Standard & Poor's April 30 upgrade of Brazil's long-term
foreign currency debt to investment-grade status. The change is of
particular importance to institutional investors that are not allowed to
invest in an emerging-market country's bonds if they are not investment
grade, according to Jose Brazuna, general manager of the asset management
division at the National Association of Investment Banks, a São Paulo-based
trade organization.
"We will have a lot of foreign pension funds that will come to Brazil to
invest," agrees Ricardo Mizukawa, a product management specialist at
fourth-ranked Bradesco Asset Management in is São Paulo. "That will be a
big change."
Here are Brazil's top five asset management firms:
Assets under
Rank Firm Management
1 Banco do Brasil Administradora de Ativosin $ 112.7 million
2 Banco Itaú $ 90.2 million
3 Caixa Econômica Federal $ 81.3 million
4 Bradesco Asset Management $ 77.0 million
5 UBS Pactual Asset Management $ 36.9 million
The complete ranking can be found on our web site,
www.iimagazine.com.
Contact Information: Contact Information:
Chris Cavanagh
212-224-3369
chriscavanagh@iimagazine.com
www.iimagazine.com