As part of a drive to boost its business in Brazil, JP Morgan Asset Management has announced the appointment of Carlos Salamonde to the newly-created role of chief executive for its investment management business there.

Salamonde, who will be based in Sao Paulo, joins JP Morgan from Banco Itau Unibanco, where he was head of corporate distribution and sales for the asset management division.  During his career he has also held several other senior positions in the Brazilian asset management industry.

In his new role, Salamonde will report to Jamie Broderick, head of Europe and Latin America for JP Morgan Asset Management. He will be responsible for leading and developing the firm's onshore domestic business in Brazil.

“The Brazilian domestic mutual fund market is the sixth largest in the world and therefore offers us significant potential for expansion,” says Broderick, explaining the rationale behind JP Morgan’s expansion in the area. “It is one of the strongest markets in terms of growth and accounts for 89 per cent of all domestic mutual funds in Latin America.”

The firm’s attempts to grow its business in Brazil include its acquisition last year of Gavea Investimentos, the Rio de Janeiro-based hedge fund and private equity firm, and the recent appointment of Cassio Calil as president of asset management for the country.