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From Precy Dumlao, Opalesque Asia:
The Brazilian economy, as well as its local hedge funds industry, were unscathed at the height of the global financial crisis and remain healthy. Its importance in the Latin American region will continue to grow. This was the consensus given by participants in the latest Opalesque Brazil Roundtable.
Otávio Vieira, director of Investments of the Safdie Group in Brazil, a New York-headquartered asset management group with $7bn in AuM and a $1bn portfolio in Brazil, said that the country’s success story came from learning from past mistakes, which allowed it to turn itself into a creditor of foreign currency.
So confident is Brazil of its economic strength that Mauro Rodrigues da Cunha, head of equities of Maua Investimentos, a Brazil-based asset manager with $371m in AuM and one of the participants in the Opalesque Brazil Roundtable, told Opalesque’s founder Matthias Knab in an video interview early this month, that Brazil is targeting to become the 5th largest economy in the world by 2010. It is now the 8th largest (See: Opalesque Exclusive: Brazil is the darling of financial markets, says Maua Investimentos’ PM here).
Of 5,000 local hedge funds, only 3 ‘very small ones’ ran into trouble
According to Vieira, out of 5,000 Brazilian hedge funds...................... To view our full article Click here
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