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Brazilian banks are increasingly targeting municipal and state pension funds with a broader range of investment products, local financial daily Valor Econômico reported.
The assets under management of these funds totaled 51.9bn reais (US$31.1bn) at the end of last year and are expected to surpass 100bn reais in five years, according to the report.
Federally controlled Banco do Brasil (BB) is the leading bank in providing investment options for these funds, according to the report. By year-end, BB is expected to launch no less than 10 new investment products for municipal and state pension funds.