Itau Analysts Are Tops in Brazil Research, Money Managers Tells Institutional Investor

NEW YORK, NY--(Marketwire - Sep 1, 2011) - For a second consecutive year, Itaú BBA leads the All-Brazil Research Team, Institutional Investor's annual ranking of the country's best sell-side analysts.

Complete survey results can be found at www.institutionalinvestor.com.

Itaú captures 13 total team positions, one fewer than last year. BTG Pactual repeats in second place, with 11 positions -- also one fewer than in 2010. BofA Merrill Lynch Global Research jumps two places, to No. 3, after picking up one position, for a total of nine. Santander is the biggest upward mover; the Spanish bank doubles its number of positions, to eight, and leaps from seventh place to fourth.

Results are based on responses from nearly 530 buy-side analysts and money managers at some 300 firms that collectively manage an estimated $278 billion in Brazilian equities and $108 billion in Brazilian fixed-income instruments.

High inflation, political uncertainty, a slowdown in the domestic economy, the potential fallout from the sovereign-debt crisis in Europe, fears of a double-dip recession in the U.S. and concerns over the sustainability of growth in China -- since 2009, Brazil's largest trading partner -- have prompted many global money managers to reconsider their exposure to Latin America's largest economy. The benchmark Bovespa index tumbled 12.1 percent from late February through July, but the downturn was not unforeseen.

"In February we highlighted the multiple risks that companies would be facing this year: tight spare capacity, inflationary pressures and government actions to curb demand," recalls Carlos Constantini, head of research at Itaú BBA in São Paulo. "We concluded by saying that, due to these pressures, equities would not perform well this year."

For more information contact Alyssa Walker at awalker@iiresearchgroup.com or (212) 224-3677.

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