BB Gestão de Recursos Tops the Brazil 20 for a Ninth Year

BB Gestão de Recursos finishes in first place on the Brazil 20, Institutional Investor’s annual ranking of the country’s largest investment managers, for a ninth straight year. The Rio de Janeiro–based firm manages $177.5 billion, down from $182.8 billion one year ago.

In second place since 2010 is São Paulo’s Itaú Unibanco Asset Management. Its total assets under management jumps from $128.1 billion to $138.4 billion. That growth has been fueled by demand for high-yielding fixed-­income paper and a flight by some investors to larger institutions, according to Fernando Beyruti, co-head of the firm.

Itaú Unibanco has had net inflows of $3 billion from retail investors so far in 2016, mainly into simple products such as tax-advantaged government bonds, he reports. International clients are starting to look at Brazil again; the hope is that fiscal progress will convince them to commit money. “We are very optimistic about our business here,” Beyruti says.

Bradesco Asset Management, also headquartered in São Paulo, enjoys similar gains, with assets surging from $104.8 billion to $114 billion.

These three are the only managers to have amassed more than $100 billion in assets.

Twelve of the firms on this year’s roster saw their assets decline in dollar terms in the 12 months through March, in large part reflecting the real’s 10.4 percent decline during that period. For some firms, though, the underlying business is surprisingly robust.

To view the complete ranking, click on Brazil’s Top 20 Money Managers in the navigation table at right. Subscribers can access additional data regarding the firms’ portfolio mixes.

For information on how this ranking was compiled, click on Methodology.