SOURCE: Institutional Investor

June 12, 2008 12:06 ET

Banco do Brasil Unit Leads Institutional Investor's Ranking of Brazil's Biggest Money Managers

NEW YORK, NY--(Marketwire - June 12, 2008) - Banco do Brasil Administradora de Ativosin, the asset management arm of Rio de Janeiro-based Banco do Brasil, captures the top spot in the Brazil 20, Institutional Investor's inaugural ranking of the country's biggest money management firms. BB DTVM has $112.7 million in assets under management.

In second place is São Paulo-based Banco Itaú, with $90.2 million. The state-owned Caixa Econômica Federal in São Paulo comes in third, with assets under management totaling $81.3 million.

Many of the country's money management firms are preparing for an influx of cash following Standard & Poor's April 30 upgrade of Brazil's long-term foreign currency debt to investment-grade status. The change is of particular importance to institutional investors that are not allowed to invest in an emerging-market country's bonds if they are not investment grade, according to Jose Brazuna, general manager of the asset management division at the National Association of Investment Banks, a São Paulo-based trade organization.

"We will have a lot of foreign pension funds that will come to Brazil to invest," agrees Ricardo Mizukawa, a product management specialist at fourth-ranked Bradesco Asset Management in is São Paulo. "That will be a big change."

Here are Brazil's top five asset management firms:

                                                      Assets under
Rank    Firm                                          Management

1       Banco do Brasil Administradora de Ativosin    $ 112.7 million
2       Banco Itaú                                    $  90.2 million
3       Caixa Econômica Federal                       $  81.3 million
4       Bradesco Asset Management                     $  77.0 million
5       UBS Pactual Asset Management                  $  36.9 million

The complete ranking can be found on our web site,

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