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RIO DE JANEIRO, BRAZIL - Of the approximately R$150(US$29) billion that the fund industry raised in 2020, roughly one-third was directed to global products, according to ANBIMA.

The reduction of the Selic rate to 2% per year was arguably the main reason for the mass migration observed during 2020 from fixed income to the stock market, despite all the uncertainties triggered by the pandemic.

And because of the relatively limited opportunities in the Brazilian stock market compared to the options available in more developed markets, such as the American one, global investment strategies gradually began to take . . .

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