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Alternative Market Briefing

Brazil’s hedge fund industry offers better transparency than most other emerging economies

Thursday, April 12, 2012

Otávio Vieira
From Komfie Manalo, Opalesque Asia:

Otávio Vieira, Partner and COO at the $200m Fides Asset Management said that the Brazilian hedge fund industry offers more transparency than most of the other emerging economies. This gives Brazil a distinct advantage over other emerging economies so foreign investors should not be scared of allocating in the country.

Vieira made the statement during the latest Opalesque Brazil Roundtable sponsored by Citi and Eurex.

"We have a really decent liquidity, for example, the Brazilian Bovespa is trading a volume that is five times that of the Mexican Stock Exchange. Regarding derivatives, you cannot compare Brazilian liquidity to any country in Latin America or even to some countries in Europe. One of our biggest issues here is that the CDI is so powerful that even banks use it to lend money and invest in CDI. For example, the return on equity of Bradesco and Itau are larger than the return on equity of BTG Pactual, simply because the former two lend money. Lending money in Brazil is a big business. From a foreign investor’s stand point, I think he or she should look at macro strategies and equity strategies in the hedge fund space, credit and private equity," Vie......................

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