Aberdeen Asset Management Plc, Scotland’s largest money manager, is opening an office in Brazil after increasing its Latin American equity holdings by a third with the purchase of the funds unit of Credit Suisse Group AG (NYSE: CS), according to Bloomberg on Monday.
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Nick Robinson, who helps manage about $12 billion in emerging-market assets from Aberdeen’s London offices, said he plans to leave for Sao Paulo Oct. 2 to head the firm’s first Latin American office.
Aberdeen joins global financial firms including Morgan Stanley (NYSE: MS) and Standard Charter Plc in increasing its presence in Brazil as Latin America’s biggest economy emerges from its first recession since 2003. The Bovespa stock index surged 111 percent this year in U.S. dollar terms on the prospect that record-low interest rates and rebounding commodity prices will fuel growth.
Robinson, 31, will recruit recent university graduates to help him research Latin American companies and be closer to clients in the region, including Chilean pension funds. Aberdeen may later create Brazilian products for local and foreign investors and manage money from Sao Paulo, he said to Bloomberg.
The Credit Suisse acquisition this year included funds managing about $1 billion in Latin American stocks, bringing Aberdeen’s total equities under management in the region to $4 billion, he said. Aberdeen has $212.8 billion under management globally.
Brazil has the biggest country weighting in Aberdeen’s $1.9 billion Emerging Markets Equity Fund, which beat 91 percent of its peers in the last year, according to Bloomberg data. Vale SA (NYSE: VALE), Petroleo Brasileiro SA (NYSE: PBR) and Banco Bradesco SA (NYSE: BBD) are among the fund’s top 10 holdings.
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