Brazil expansion for J.P. Morgan Asset Management

J.P. Morgan Asset Management has announced that Carlos Salamonde has been appointed chief executive officer for its investment management business in Brazil.

In this newly created role, Salamonde will report to Jamie Broderick, head of Europe and Latin America for J.P. Morgan Asset Management.
 
Salamonde joins J.P. Morgan Asset Management from Banco Itau Unibanco where he was head of corporate distribution and sales for the asset management division. Prior to that he held a number of senior positions in the asset management industry in Brazil.
 
Located in Sao Paulo, Salamonde will be responsible for leading and developing J.P. Morgan Asset Management’s onshore domestic business in Brazil.
 
Commenting on the appointment Jamie Broderick said:  “Carlos joins us at an exciting time in the development of our investment management business in Brazil. The Brazilian domestic mutual fund market is the sixth largest in the world and therefore offers us significant potential for expansion.  It is one of the strongest markets in terms of growth and accounts for 89% of all domestic mutual funds in Latin America.”
 
The announcement is the latest development for J.P. Morgan Asset Management in Brazil, following the firm’s acquisition in 2010 of Gavea Investimentos, the Rio de Janeiro-based hedge fund and private equity firm, and the recent announcement of Cassio Calil’s appointment as president of asset management for Brazil, the division that houses both investment management and private banking.