LatAm giant Sura targets Brazil for wealth push
Sura Asset Management is mulling the financial group's entrance into the Brazilian market in a move that would solidify the financial group's position in Latin America.
Brazil is the most important market in the continent and the $148m asset manager is looking to tap into the opportunities that giant market has to offer. Sura Asset Management's chief executive officer Ignacio Calle told Chilean news outlet Diario Financeiro that those plans are still at an early stage.
"We are analysing the possibility of entering into an alliance with a Brazilian entity or entering organically through a vehicle owned by Sura Asset Management in Brazil," Calle said.
We are analysing the possibility of entering into an alliance with a Brazilian entity or entering organically through a vehicle"
The group already has an insurance company in Brazil, via Grupo Sura, the parent company of Sura Asset Management. Calle added that "this is an important market" to add to the financial group's reach, given the number of international clients it attracts. It would also help strengthen Sura's position in Latin America as the firm looks to grow across the region and further.
The plan is to enter Brazil with Investment Management, its distribution arm in charge of institutional clients. Afterwards, it could look into alternative products as clients are increasingly demanding to diversify portfolios.
Sura Asset Management is made up of its wealth management, investment management and pension funds administration businesses.
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