Fitch: Brasil Plural's Asset Manager Rating Unaffected by Deal with Besi Brasil

SAO PAULO--()--According to Fitch Ratings, Brasil Plural Gestao de Recursos' (Brasil Plural) 'High Standard' Asset Manager Rating will not be affected by the agreement to assume asset management and wealth management clients of Espirito Santo Investment Bank - Brazil (Besi Brasil) announced on Sept. 22, 2014.

Fitch believes that the impact on Brasil Plural's activities should be minimal given that the strategies currently managed by Besi Brazil are within the scope of the asset manager.

According to the announcement, the transaction will have no financial outlay. Besi Brasil will be paid with a portion of the revenues generated by the portfolios transferred for a period not informed. The transaction awaits approval of the Conselho Administrativo de Defesa Economica (Administrative Council for Economic Defense - the antitrust regulatory body in Brazil) to start the process of transferring the portfolios. The migration of portfolios also depends on the approval by Besi Brazil's customers, to be obtained in consultations and meetings.

The assets under management to be transferred to Brasil Plural group amounts to BRL1.5 billion, of which BRL900 million in wealth management portfolio and BRL600 million in asset management. Brasil Plural (Asset Manager Rating - 'High Standards') will be responsible for asset management.

Currently, the Brasil Plural group has BRL18.5 billion under management, considering the assets that are managed by its subsidiary Geracao Futuro. Brasil Plural manages more than BRL5 billion in liquid strategies.

Additional information is available at 'www.fitchratings.com'.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contacts

Fitch Ratings
Primary Analyst
Alexandre Yamashiro, CAIA, +55-11-4504-2606
Director
Fitch Ratings Brasil Ltda.
Alameda Santos, 700, 7 andar, Cerqueira Cesar
Sao Paulo - SP - CEP: 01418-100
or
Secondary Analyst
Lucas Bender, +55-11-4504-2217
Analyst
or
Media Relations, New York
Elizabeth Fogerty, +1-212-908-0526
elizabeth.fogerty@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Alexandre Yamashiro, CAIA, +55-11-4504-2606
Director
Fitch Ratings Brasil Ltda.
Alameda Santos, 700, 7 andar, Cerqueira Cesar
Sao Paulo - SP - CEP: 01418-100
or
Secondary Analyst
Lucas Bender, +55-11-4504-2217
Analyst
or
Media Relations, New York
Elizabeth Fogerty, +1-212-908-0526
elizabeth.fogerty@fitchratings.com