Brazil-based banks BTG Pactual and Bradesco have unveiled plans to expand their asset management business in Europe and the United States.
As part of the expansion, BTG Pactual is planning to recruit 100 people for its fledgling commodities trading business, in addition to 20 fund management employees for its London office this year, according to Financial Times.
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Meantime, BTG Pactual, which has US$130 billion in assets under management, will launch a new commodities hedge fund and expects to make similar number of hires in its New York office.
Additionally, Bradesco Asset Management is set to launch a Latin American hard-currency bond strategy for international investors.
The expansion will also see Bradesco registering five funds already available in Portugal, Spain, France, Italy and the UK in Switzerland following an increasing demand for Latin America and Brazil-focused funds among Swiss investors.
Furthermore, Bradesco is planning to increase its headcount in Europe and in the US, where it has registered two 40 Act mutual funds.
Financial Times quoted Luiz Filho, Bradesco’s head of global business development, saying that the firm will register three more funds in the US in a move to increase its international assets under management from US$1 billion to more than US$6 billion.
The firm’s expansion plans come in response to poor investor demand for Brazilian and Latin America funds in the stock markets.
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