Monday, April 18, 2011

JPMorgan looks to expand in Brazil

JPMorgan plans to nearly double its headcount in Brazil as it seeks to tap opportunities in asset management, corporate finance and other areas of business in Latin America’s largest economy.
The US investment bank has already expanded to 630 people – a more than six-fold increase in 14 months – as it seeks to expand across various business areas

It would add another 150 or more people in the next 12 months and planned to reach a headcount of 1,100-1,200 in the medium term, Cláudio Berquó, JPMorgan’s Brazil chief executive said, adding that the group was expanding to cover five cities from three. “Then we will have a footprint that covers 80 per cent of the gross domestic product of Brazil,” Mr Berquó said.
The figures, which do not include JPMorgan’s high-profile acquisition of Rio de Janeiro-based hedge fund Gavea Investimentos last year, come as investment banks are keen to grab market share in Latin America’s

According to figures from Dealogic, the data company, last year set a record across all the big business areas of investment banking in Brazil, as the economy grew 7.5 per cent year on year.

The volume of mergers and acquisitions in 2010 reached nearly $153bn compared with almost $60bn a year earlier, while equity issuance was more than $49bn, close to double that of a year earlier. Debt issuance was more than $48bn compared with nearly $30bn in 2009.

This year, Brazil has made a slower start amid efforts by the government to slow an economy that is showing signs of overheating, with the central bank tightening monetary policy and implementing capital controls to restrict credit growth.

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