Aberdeen Asset Management has been appointed to manage two Credit Suisse Brazilian funds.
Aberdeen will take over as investment advisor on both the $94m (£59m) Credit Suisse Equity fund (Lux) Brazil fund and the $153m Bond fund (Lux) Brazil fund from April 2.
Devan Kaloo, head of global emerging markets at Aberdeen, says “While Brazil has certainly blossomed due to being the world’s leading supplier of commodities, it would be wrong to view the region purely as a play on the world’s thirst for raw materials.
“Of more interest to Aberdeen is the rise of domestic consumption. Growing, youthful populations with burgeoning workforces are enhancing earning and spending power in the country, and this in turn is driving domestic growth.”
The equity fund will be managed by Aberdeen’s global emerging markets team, lead by Devan Kaloo. Brett Diment will lead the team responsible for the bond fund.
Both funds will be merged into Aberdeen’s Luxembourg-domiciled Global Sicav from June. They will then appear as the Aberdeen Global – Brazil Equity fund and Aberdeen Global – Brazil Bond fund.