Political Risk Latin America Blog @PolRiskLatam

Rich Latin Americans investing in own region

Posted in News and Articles, Political Risk by politicalrisklatam on October 6, 2010

by Laura MacInnis and Joe Giannone for Reuters, October 6th, 2010.

Rich people in Latin America are investing in their own region, betting on sustained growth in Brazil and hoping Mexico‘s violence will be temporary, private bankers said on Tuesday.

At the Reuters Global Private Banking Summit, executives described improved confidence about commodity-producing Latin America where business leaders are making more money as economic conditions improve.

“The perception of emerging market risk is different,” Enrique Marazuela, chief investment officer at BBVA Private Banking, told the summit, adding that more Latin Americans were keeping money in the area. “They are investing in their own region, not only in their home market,” he said. “Brazil is the most appealing case.”

Latin America is one of the more exciting parts of the world for us,” said Anthony DeChellis, chief executive of Credit Suisse Private Bank (Americas). “What we are seeing increasingly, particularly in markets like Brazil, is that entrepreneurs still put money offshore … but they increasingly want to look for opportunities in their own backyard,” he said.

Pablo Garnica, head of European and Middle Eastern private banking at JPMorgan, also named Brazil as a place where wealthy people across Latin America want to park their money. “I think they will always invest part of their liquidity on-shore or in domestic markets,” he said. (continue reading… )

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