Aberdeen looks to Brazil as new BRIC favourite
After years of focusing heavily on opportunities in the Asian economies of China and India, Aberdeen Asset Management is turning its sights on Brazil.
The group has opened a new office in São Paulo, from which its global emerging markets team will meet local companies to assess investment opportunities.
Devan Kaloo, head of global emerging market equities at Aberdeen, believes the global recovery will be led by countries such as Brazil and India, which have large domestic economies.
Brazil’s investment opportunities centre on commodities, including both food products and mineral reserves. Other recent developments that are supporting Brazil’s economy include rising private consumption by a young growing population, and the identification of offshore oil reserves, a statement from Aberdeen said.
The group believes Brazil’s pension and savings culture will also evolve, while business-friendly government policy is also supporting investment opportunities.
Kaloo’s global emerging markets team already manages US$4 billion in Latin American stocks, as well as more than US$1 billion on behalf of Latin American clients.
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