SAO PAULO--(BUSINESS WIRE)--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'.