Bradesco Acquires the Activities and Management of Third Party Funds from Banco J.P. Morgan S.A.Business Editors SAO Sa´o n. 1. (Zool.) Any marine annelid of the genus Hyalinæcia, especially H. tubicola of Europe, which inhabits a transparent movable tube resembling a quill in color and texture. PAULO, Brazil--(BUSINESS WIRE)--Jan. 28, 2003 Banco Bradesco Banco Bradesco, short for Banco Brasileiro de Descontos, that is 'Brazilian Discount Bank', is one of the Big Four banks in Brazil, the others being Banco do Brasil, Banco Itaú and Unibanco. Bradesco is the largest private bank in Brazil. (NYSE NYSE See: New York Stock Exchange :BBD BBD In currencies, this is the abbreviation for the Barbados Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. )(Latibex:XBBDC)(BOVESPA See Bolsa de Valores de Sao Paulo. : BBDC BBDC Brantley Capital Corporation (Cleveland, OH) BBDC before bottom dead center (referring to a piston in a engine) BBDC Banting and Best Diabetes Centre BBDC Beijing Benz-DaimlerChrysler Automotive Co, Ltd 3, BBDC4) notifies its stockholders, customers and the market in general that on January 27, 2003, it signed a "Contract for the Assignment of Rights and Obligations and other Agreements" regarding the acquisition, by Bradesco, of the activities and management of Security Portfolios and Investment Funds of JPMorgan Fleming Asset Management. This operation is expected to be concluded within the next 60 days and involves the transfer of approximately R$ 7 billion in third party funds to Bradesco, which will manage more than R$ 60 billion (ANBID ANBID Associação Nacional dos Bancos de Investimento (Brazil, National Association of the Banks of Investment) - Brazilian Association of Investment Banks - figures as of December 2002). These assets will integrate BRAM's portfolio (Bradesco Asset Management Ltda.) and will be initially under supervision of an Advisory Committee to be set up with professionals from Bradesco, BRAM and JPMorgan, whose main objective is to maximize the transition quality. This joint effort demonstrates the interest in preserving the management excellence and in offering new services to the existing JPMorgan investors. Bradesco, via BRAM, has a structure that is specialized in third party fund management, serving several market segments including retail, corporate, institutional and private sectors, with activities focused on meeting the specific demands of each investor's profile. The sale of Brazilian activities related to Administration and Management of Third Party Funds is part of a strategic decision of JPMorgan Fleming Asset Management. Banco J.P. Morgan S.A. will concentrate in business areas such as Investment Banking, Local Markets and Private Banking, reinforcing its strong commitment to the Brazilian market. This operation enhances the relationship between Bradesco and JPMorgan, institutions that share the same basic principles: respect for their clients, seriousness and transparency. Bradesco Mercado de Capitais and the external counsel Mattos Filho Veiga Filho Marrey Jr. e Quiroga Advogados advised Bradesco in this operation. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion