Reasons why you should be emigrating to Brazil
We talk a lot about moving to Switzerland or Asia. We do not talk about moving to Brazil. This is clearly an omission. While we have neglected to mention Brazil, big things have been happening there.
Here's why you should be honing your Portuguese.
1) UBS is rebuilding in Brazil
Yesterday, it emerged that UBS has hired two senior executives to rebuild its Brazilian operations. Hiring smells inevitable.
Last November, Morgan Stanley declared plans to double its investment banking headcount in Brazil. And last October, Goldman hired 11 people in Brazil to start a private banking and asset management operation.
2) Brevan Howard has gone to Brazil
It is no longer necessary to work for Alan Howard in London or Switzerland. Last month, Brevan Howard opened a Brazilian office that will be focused mostly on research. The Financial Times points out that trades in Latin American bonds and currencies have, 'contributed significantly' to profits at global macro funds this year.
Recent research suggests there are now five $5bn hedge funds in São Paulo and Rio de Janeiro; last year there was one.
3) M&A boutiques are hiring in Brazil
The former head of Citigroup in Brazil has set up BR Advisory Partners Participacoes SA, an M&A advisory boutique. He recently told Bloomberg that he plans to hire 55 people.
Last month, Evercore acquired a 50% stake in Sao-Paolo-based G5 Advisors to capitalise on increased Brazilian M&A activity.
4) Private equity funds are moving into Brazil
Last month, Blackstone spent $200m on a stake in Brazilian-based Pátria Investimentos and the large Spanish fund Mercapital opened its first office outside Spain in San Paolo.
Actis, an emerging markets buyout fund, Apax Partners and Carlyle Group, have all done their first deals in Brazil this year.
