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Brazilian reinsurance giant IRB-Brasil RE will reportedly name Fernando Passos as the new head of its recently created asset management unit.
Passos is also expected to remain as IRB's finance director and head of investor relations, according to newspaper O Estado de S. Paulo, which did not unveil where it obtained the information.
An IRB spokesperson declined to comment when contacted by BNamericas.
IRB announced the creation of IRB Asset Management earlier this year in order to increase the efficiency of its own investment asset management.
The central bank already approved the creation of the new unit, but it still requires approval from the Brazilian securities regulator, CVM.
Shareholders of IRB, which is headed by José Carlos Cardoso (pictured), recently raised 2bn reais (US$613mn) from an IPO on the São Paulo stock exchange.