Why Brazil and Rio is Attracting More Financial Firms
RIO DE JANEIRO, BRAZIL – Whilst the world’s financial giants have suffered under a crippling economic recession, Brazil has prospered and as a result, the city of Rio de Janeiro has become a popular location for both Brazilian and international financial firms. Though not, by any means, an in-expensive city , Rio offers a quality of life and budding potential in the oil industry and 2016 Olympics.
Its position has become so appealing that a number of recognized individuals from the banking industry of São Paulo, considered the Financial capital of South America, have relocated to Rio and are now applying their services to the city’s emerging economic opportunities.
The most recognizable arrival in Leblon may be Arminio Fraga, former president of the Central Bank (BC) and head of Gávea Investments, with R$11.8 billion under management and approximately 140 employees between Rio and São Paulo. In late October 2010, a majority interest of the company was sold to J.P. Morgan Asset Management, the global asset management arm of J.P. Morgan.
Howard Borsden, CEO of Looking for Dylan financial advisers, is not surprised by Leblon’s popularity. He states “the quality of life is assumed to be better in Zona Sul. Hedge funds and asset managers typically outsource their activities and therefore only require one or two floors of the relatively smaller office buildings in Leblon.”
In terms of foreign investment, the last three months have seen companies take quite a battering with the federation of Industries in São Paulo predicting a loss of up to ten percent last August, in light of new threats to the global economy rippling from the U.S and European debt crisis.
Sources:
The Rio Times
RIO DE JANEIRO, BRAZIL – Whilst the world’s financial giants have suffered under a crippling economic recession, Brazil has prospered and as a result, the city of Rio de Janeiro has become a popular location for both Brazilian and international financial firms. Though not, by any means, an in-expensive city , Rio offers a quality of life and budding potential in the oil industry and 2016 Olympics.
Its position has become so appealing that a number of recognized individuals from the banking industry of São Paulo, considered the Financial capital of South America, have relocated to Rio and are now applying their services to the city’s emerging economic opportunities.
The most recognizable arrival in Leblon may be Arminio Fraga, former president of the Central Bank (BC) and head of Gávea Investments, with R$11.8 billion under management and approximately 140 employees between Rio and São Paulo. In late October 2010, a majority interest of the company was sold to J.P. Morgan Asset Management, the global asset management arm of J.P. Morgan.
Howard Borsden, CEO of Looking for Dylan financial advisers, is not surprised by Leblon’s popularity. He states “the quality of life is assumed to be better in Zona Sul. Hedge funds and asset managers typically outsource their activities and therefore only require one or two floors of the relatively smaller office buildings in Leblon.”
In terms of foreign investment, the last three months have seen companies take quite a battering with the federation of Industries in São Paulo predicting a loss of up to ten percent last August, in light of new threats to the global economy rippling from the U.S and European debt crisis.
Sources:
The Rio Times
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