JP Morgan has named Jose Berenguer as senior country officer for Brazil - a market which the firm describes as one of its most important in Latin America.
Berenguer takes up his role on 1 April and will report jointly to Mary Callahan Erdoes, chief executive of JP Morgan Asset Management, and Martin Marron, CEO of JP Morgan’s Latin America business.
“Brazil is one of our most important markets in Latin America,” Marron said.
Berenguer was latterly CEO of structured credit at Gavea Investimentos, having joined the firm in March 2012. In October 2010, JP Morgan Asset Management purchased a majority interest in Gavea.
“Berenguer’s appointment is an important step in continuing to strengthen the great partnership between JP Morgan and Gavea,” said Arminio Fraga, founding partner and chief investment officer of Investimentos.
Brazil has been identified as a key market in Latin America by many firms in recent times. For example, last summer Citi Private Bank appointed Helio Lima Magalhaes as country officer for Brazil.
Francisco Aristeguieta, Citi's CEO for LatAm, said Brazil is “critical” to the success of Citi's strategy in Latin America, and “stands out within emerging markets around the world.”
Meanwhile, in January a report by Datamonitor Financial highlighted that wealth creation, GDP growth and initial public offerings are key factors driving the Brazilian wealth management industry, while domestic players are looking to enhance their positions in the market and foreign players are seeking diversification.