Banco do Brasil selects European asset managers for new funds
Banco do Brasil's brokerage and asset management unit, BB DTVM, is preparing to launch four local funds that will buy shares in international funds managed by European asset managers Aberdeen, UBS, Nordea and Safra Sarasin.
The funds will be offered to local pension funds as well as individuals, reported Valor Econômico.
BB DTVM will seek to raise an initial 200mn reais (US$66.6mn) for the product, and aims to reach at least 500mn reais by the end of the year.
Part one of the initiative was launched in January 2014, involving funds managed by JPMorgan, Franklin Templeton, Schroders and BlackRock. That first stage raised an initial 150mn reais, which has since risen to 800mn reais.
"We hope that over the course of the two stages we can raise as much as 1.5bn to 2bn reais," said BB DTVM president Carlos Takahashi, adding that the number of investors is also expected to increase.
Stage two has been in the works since last September, when the brokerage met with 22 funds, including Petros and Previ, the employee pension funds of state oil firm Petrobras and Banco do Brasil, respectively.
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