Geneva-based Mirabaud Asset Management has expanded into Brazil with the acquisition of the asset manager Galloway Gestora De Recursos for an undisclosed sum.
The Sao Paolo-based business specialises in emerging market debt and its seven-person team will be led by Andrew Lake, head of fixed income, and Daniel Moreno, Head of emerging market debt, both of whom are based in London.
Founded in 2005, Galloway Gestora De Recursos Ltda will be rebranded Mirabaud Asset Management (Brasil) Ltda.
Lionel Aeschlimann, chief executive of Mirabaud Asset Management, said: “This acquisition creates Mirabaud’s first physical presence in South America, in line with the group’s wider strategy.
“Latin America is a strategic region for Mirabaud, with our client numbers there growing steadily every year. For Mirabaud Asset Management, this acquisition increases our expertise as an active manager in a sector where significant performance opportunities can be found.”
Mirabaud AM had assets under management (AuM) of 8.8 billion Swiss francs (€7.7 billion) as of end June 2018, while Galloway Gestora De Recursos has AuM of US$150 million (€130 million).
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