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Opalesque Roundtable Series - Brazil 2010

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The global financial crisis has turned the world order upside down. Contemplating the events since 2008, a famous hedge fund manager (one of the handful who correctly predicted the subprime crisis) told me recently that “we, the Western world, basically have become what the emerging markets used to be”. And where are the emerging markets – here: Brazil – today?

Brazil has learned from mistakes made in the past and successfully turned around the country. By all means, Brazil is a success story, a creditor on foreign currency basis boasted by strong balance sheets on corporate and government level. With growth at probably 6.5% to 7.00% and debt to GDP around 45%, the country is in much better shape than the majority of developed economies.

The Brazilian asset management and financial industries are stable and very well regulated. Brazilian funds and their investors did not suffer from the deadly mismatch between assets and liabilities that was very common for funds in other jurisdictions. Out of 5,000 local Brazilian local hedge funds (multi mercado funds) and 120 offshore hedge funds, only two or three, mainly very small, ran into problems. Contrast that what happened in the U.S. or with other global hedge funds.

Brazilian hedge funds are audited, publish their NAV every day and have segregation of functions between management, administration, and custodian. The local Investment Bank Association has started a project that aims to make Brazil a global financial center and formed a new association called BRAiN.

Brazil's capital markets evolve in great strides, already now its exchange is the fifth largest in the world - in 2008, Brazil was #3 in IPO volumes globally. During the recent financial crisis, the country did not suffer any bankruptcies or government interventions like most Western countries. This Roundtable further covers:

  • Background on the Brazilian corporates and the many opportunities there
  • Who is now investing in Brazil
  • Opportunities in the primary markets - R$35 billion IPO volumes already lined up at realistic valuations
  • Infrastructure of the Brazilian market, and why global players like BlackRock, Franklin Templeton are now moving in
  • The evolution of Brazil from a value to a growth proposition.
The 2010 Brazil Roundtable was sponsored by SunGard Alternative Investments (www.sungard.com/alternatives) and united the following experts:
  • Otávio Vieira, Director of Investments and Head of Fund Advisory Services, Safdie Group
  • George Wachsmann, Founding Partner of BAWM Investments
  • Patrick de Picciotto, Partner, M Square
  • Mauro Rodrigues da Cunha, Head of Equities and Portfolio Manager, Maua Investimentos
  • André Lion, Partner, Head of Equities Strategy, BRZ Investimentos
  • André Ribeiro, Partner, Brasil Capital
  • Thomas Souza, Founding Partner of AguasClaras Investimentos
  • Julie Rice, Managing Director, SunGard Alternative Investments

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