BNP Paribas scoops up Brazilian mandate 23 October 2013London Reporter: Jenna Jones
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BB Gestão de Recursos DTVM’s has selected BNP Paribas Securities Services to provide global custody, fund administration and depository bank services to its $7 billion qualifying investor fund.
BB DTVM is the largest asset management firm in Latin America and a wholly owned subsidiary of Banco do Brasil. The fund is invested into multiple asset classes including fixed income and various debt strategies.
Carlos Massaru, CEO of Banco do Brasil Asset Management said: “We were looking for an efficient, responsive service provider who would help us develop business opportunities. BNP Paribas offered us the solution that best fits our needs both from an investment and distribution perspective. They also had a very good understanding of the regulatory landscape governing international fund distribution.”
Alvaro Camuñas, head of BNP Paribas Securities Services Spain, Portugal and Latin America added: “We are delighted to be working with Banco do Brasil to help support the development strategy of their asset management business. “
“This is a fantastic example of how we can help our clients—which are increasingly less domestic and more globally diversified—expand their business through our global footprint, on-the-ground expertise and strong cross-border distribution capabilities.”
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