Swiss Bank Launches Latin American Fund Of Hedge Funds
Banque Safdie, an international private bank based in Switzerland, has launched
the Safdie LatAm Fund, its first Fund of Hedge Funds entirely focused on Latin
America. The Safdie Fund is currently formed by 11 funds, 82% from Brazil, 4% from Argentina
and 14% from elsewhere in Latin America. Banque Safdie says that its immediate goal is to increase this number to
20 funds, while in the longer term it is aiming to produce a double-digit annualised
target return with 5% to 8% volatility. "This is a Fund of Funds 100% focused on Latin America," explained
Ricardo Simone Pereira, Director of Multi Bank DTVM in Brazil, Banque Safdie's
Sao Paulo subsidiary. "Banque Safdie has leveraged its market knowledge and expertise to select
the best and most qualified fund managers with a proven track record in Latin
America," he added. Mr. Simone stated that worldwide demand for the fund has been strong, and it
is now the largest fund of hedge funds dedicated to Latin America, with more
than US$60 million in assets. "We should reach US$80 million by the end of this month," he claimed. "The expectations for the region's growth seem excellent. Latin America
and the commodities cycle are a valid theme for most global portfolios",
Mr. Simone added. According to Banque Safdie's top analysts, the Brazilian market, which represents
95% of the total Latin American Hedge Funds market, enjoys economic conditions
that promote investment in specific types of financial instruments. "The strength of the Brazilian currency creates an excellent investment
scenario for the Safdie LatAm Fund, macroeconomic conditions have been consistent,
the return on Brazilian securities is expected to be around
10% in US dollars, interest rates will slowly come down from high levels and
inflation should continue to be contained," explained Mr. Simone. "These factors, along with good liquidity conditions, are sustaining capital
flows directed to portfolio's and foreign direct investments," he added. Headquartered in Geneva, Banque Safdie SA was formerly known as Multi Commercial
Bank and was founded in 1965. The bank adopted the name of the Safdie family,
who are its only shareholder, in 2003. The bank has a strong presence in Latin America with a subsidiary and a representative
office in Sao Paulo, Brazil (Multi Commercial Bank DTVM), and representative
offices in Buenos Aries, Mexico and Rio de Janeiro. The bank also has subsidiaries in Geneva, Grand Cayman, Luxembourg and New
York. A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
|
|
IMPORTANT NOTICE: THE LOWTAX NETWORK has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright THE LOWTAX NETWORK 1999 to 2009. Contact us for further information.