The strategic partnership is intended to open up the Brazilian market to European investors and vice versa. The asset managers will advise high net worth individuals and institutional investors across both continents.

This is another example of how Brazil, the largest economy in Latin America, is increasingly making its presence felt as a wealth management market. As reported elsewhere, Brazil-headquartered Safra Group has agreed to buy a controlling stake in the Swiss private banking firm Sarasin, for example. 

“One of the consequences of the financial crisis is that some clients have lost trust in large investment banks and they are turning to smaller independent asset managers for a higher quality and independent service,” said Pier-Alberto Furno, chief executive of Nemesis.

“Brazil has been one of the great economic success stories of recent times. There has been significant wealth creation in the economy, which presents us with a great opportunity to provide our services and investment approach to the Brazilian market. This strategic partnership will also give us the ability to present our European clients a better avenue to invest in the growing economies of South America, taking advantage of Galt’s and MacDeven’s strong knowledge of these markets.” 

MacDeven’s chief executive Luiz Macambria believes the deal will allow European investors to diversify their asset base through exposure to Brazil’s rapidly growing economy through its partnership with Galt.

MacDeven and Galt launched a proprietary agriculture fund which will be distributed by Nemesis.