"Now it's not regarded as enough," said an executive at a foreign asset-management company.
While the news was hardly a vote of confidence in the new government of President Luiz Inácio Lula da Silva, analysts said Brazil's major banks would be rubbing their hands at another sign they are gradually squeezing the foreign competition out of asset management and generally consolidating control of their home market.
U.S. stocks have outperformed foreign shares in five of the last seven years, but Peter Spano, general partner of Fort Lauderdale, Fla.-based Mercator Asset Management, expects foreign stocks to continue to star in the latter half of the year.
Chinese officials also emphasized their willingness to allow foreign banks, securities firms, insurers and asset management companies to buy larger stakes in their Chinese competitors.
He has also promised to defend indebted companies from foreign takeovers by setting up a state asset management company.
The others focus on the market in municipal securities, cases stemming from the Foreign Corrupt Practices Act, market abuses like insider trading, and asset management, including hedge funds.
Due to data limitation, however, this paper does not conduct the comprehensive evaluation of the net foreign asset and commodity price valuation, capital controls and international risk management, which is also very important to measure the global current account imbalance.
Why on the list: Founded before South Africa's 1994 elections, Coronation is taking advantage of renewed investment in the region, mainly by providing asset management and investment banking services to local and foreign institutions.
The Trading and Investment segment targets Danish and international investors and includes investment advisory service and asset management including money-market transactions and trading in foreign exchange, bonds, equities, commodities, and derivatives.
The company is into international and institutional businesses, securities trading and advisory services, asset management, futures businesses, private equity businesses, fund businesses, and foreign investor guide.
