New asset-management firms draw investment partners
Even with a cycle of interest rate hikes in progress, the transformation that can be seen in the investment market in Brazil, with new asset managers and consolidation of structures, should still have many chapters. Executives at the head of these businesses see plenty of space to be filled as investors finally move away from bonds to bolder strategies.
Some newcomers have started out big, with the support of banks or investment partners. Others, already on the road, have sought to add capacity by joining forces with other asset managers. The competition for talents and team building has been intense.
"It's kind of structural this movement we see not only in the asset-management market, but also in wealth and private banking. Low interest rates are one more driving force for this process. It's irreversible, a cultural change in people," says Marcelo Fatio, founding partner of Asset 1, a firm created by former Itaú executives that recently closed a deal with the bank, which got 15% of the business.
A management company likely to start operating in the coming weeks is Clave, owned by former CEO of Itaú Asset Management Rubens Henriques, which has BTG Pactual as a minority partner. The company is expected to debut with around R$3 billion, sources say. There will be three partnerships, and Mr. Henriques will be a partner in each one.
The executive would not talk about it, but a person close to him says he managed to bring Vintage Investimentos's hedge team, led by Rodrigo Carvalho. The equity strategy will be headed by André Caldas, who was the stock market manager of Itaú's Hedge Plus fund, which had already lost three of its executives - André Raduan, Mariano Steinert and Emerson Codogno, who set up Genoa last year. The quant team will be run by ex-Murano Moacir Fernandes.
The Asset 1-Itaú agreement includes, besides the investment in the operation, an injection as an institutional investor in the firm's multimarket business. A1 Hedge will be operational for 12 months on April 1st, but the commercial work started for real in the middle of last year.
The equity, close to R$2.7 billion, is likely to reach R$3 billion soon, CEO Marcello Siniscalchi says. He does not reveal, however, which portion refers to the investment partner's contribution.
"We see very clear that this is a marathon, not a 100-meter dash. When you look at the long term, it makes sense to have the presence of an investor with the size of Itaú," Mr. Siniscalchi says. "That...
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