B Gestão de Recursos DTVM, a subsidiary of Banco do Brasil, has chosen BNP Paribas Securities Services to provide global custody, fund administration and depository bank services to its US$7 billion qualifying investor fund.
Being the largest asset management firm in Latin America, BB DTVM invests the fund in multiple asset classes including fixed income and various debt strategies.
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Banco do Brasil Asset Management CEO, Carlos Massaru, was quoted by Asset Servicing Times as saying that they were looking for an efficient, responsive service provider who would help them develop business opportunities.
"BNP Paribas offered us the solution that best fits our needs both from an investment and distribution perspective. They also had a very good understanding of the regulatory landscape governing international fund distribution," Massaru added.
Alvaro Camuñas, BNP Paribas Securities Services head for Spain, Portugal and Latin America, said they are delighted to be working with Banco do Brasil to help support the development strategy of their asset management business.
"This is a fantastic example of how we can help our clients — which are increasingly less domestic and more globally diversified — expand their business through our global footprint, on-the-ground expertise and strong cross-border distribution capabilities," Camuñas added.
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