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From Precy Dumlao, Opalesque Asia:

Global retirement and investment management firm the Principal Financial Group, Inc., has announced a definitive agreement to purchase a 60% indirect ownership of Claritas Administração De Recursos Ltda./Claritas Investments, Ltd. (Claritas). Details of the amount were not disclosed.

Luis Valdes, president and CEO of Principal International commented on the deal, "Entering the Brazilian mutual fund and asset management market has long been a strategic priority for The Principal and we are pleased to partner with the talented team at Claritas. The company’s strong management team, solid investment track record, value added products for Brazilians and potentially international customers, and diversified distribution through financial advisors are all important competencies as we continue to grow our mutual fund and asset management business in Latin America."

Claritas is a leading Brazilian mutual fund and asset management company with more than R$3.1bn in assets under management1 ($1.8bn). The Sao Paulo-based company manages equity funds, balanced funds, managed accounts and other strategies for affluent clients and institutions through its multi-channel distribution network.

Claritas Managing Partner and Head of structure products Carlos Ambrósio added, ......................

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