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JPMAM continues Brazil expansion

JPMAA is stepping up its operations in Brazil, with the appointment of a new CEO.

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Salamonde, who joins from Banco Itau Unibanco where he was head of corporate distribution and sales for the asset management division, will report to JPMAM’s head of Europe and Latin America, Jamie Broderick.

Located in Sao Paulo, Salamonde will be responsible for leading and developing J.P. Morgan Asset Management’s onshore domestic business in Brazil.

The appointment follows JPMAM’s acquisition in 2010 of Gavea Investimentos, a Rio de Janeiro-based hedge fund and private equity firm and its appointment of Cassio Calil as president of asset management for Brazil.

“The Brazilian domestic mutual fund market is the sixth largest in the world and therefore offers us significant potential for expansion,” said Broderick. “It is one of the strongest markets in terms of growth and accounts for 89 percent of all domestic mutual funds in Latin America.”
 

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