Bank of Brazil to launch investment funds in Portugal in partnership with Ongoing group

16 January 2012

Sao Paulo, Brazil, 16 Jan – BB Gestão de Recursos DTVM, an asset unit of the Bank of Brazil, plans to launch new investment funds based on Brazilian assets in Portugal, in Japan and in South Korea, in the first half of this year, financial news agency Bloomberg reported.

The launch of the funds – which will be carried out in partnership with Portuguese group Ongoing, Japan’s Shinko Asset Management and South Korea’s Kiwoom Securities – is part of an international expansion project of BB DTVM in Asia, Latin America, Europe and the United States, said Carlos Takahashi, the chairman of BB Gestão de Recursos DTVM, Latin America’s biggest asset management company.

Takahashi said that the type of product that will be launched in Portugal had yet to be decided and added that he hoped that the partnership with Ongoing would open up a distribution channel to other countries in Europe, beyond the existing BB Securities unit in London.

BB DTVM manages total assets of 420 billion reals (US$233.7 billion) and is the fund manager for the Bank of Brazil. (macauhub)