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Mariano Andrade By Precy Dumlao, Opalesque Asia:

The Brazilian regulatory regime is very investor friendly as the local hedge funds industry is regulated by the same set of regulations as the local mutual funds. This means that the local corporate governance is much better than the one for offshore hedge funds; and that the 2008/2009 global financial crisis was not felt within the Brazilian hedge fund space.

That was the assessment given by Mariano Andrade, Head of the investor relations for Polo Capital, which manages $1.5bn in AuM, during the recent Opalesque Brazil Roundtable. (This Roundtable was sponsored by Citi and Eurex.)

Andrale added, "Another important aspect is that all pricing is done by an independent administrator. In Brazil, the administrator will apply the same price for the same securities across all the funds from different managers that are under their administration. This is in stark contrast to what we saw in 2008 or 2009, where you had some managers carrying GMAC bonds at cost or par, while others had marked them down to zero, and in between zero and par you could find all sorts of marks even within the same administrator. That does not happen in Brazil."

Under Brazilian rules, hedge fund adm......................

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