| SAO PAULO
SAO PAULO Oct 7 Banco Fator SA has tapped
Wagner Murgel to head money management operations, in a bid to
help the Brazilian mid-sized lender bolster fee-related income
amid tepid merger and capital markets activity in Latin
America's largest economy.
Murgel, a former Citigroup Inc and JPMorgan Chase & Co
banking and asset management executive, replaces Marco Bologna,
the chief executive officer of Banco Fator and who accumulated
the position at Fator Administração de Recursos. In a memo to
clients, Banco Fator said Murgel started at the unit on Oct. 3.
In an interview, Murgel said he plans to beef up staff in
areas where some strengthening might be needed, although he
declined to say which. FAR, as the asset manager is known
informally, oversees almost 4 billion reais ($1.2 billion) of
As most investors expect the Brazilian central bank to soon
begin cutting interest rates from the highest levels in a
decade, players like FAR could offer them more products with
attractive risk and returns, Murgel said. The unit has a wide
array of stock, hedge fund-like and real estate investment funds
that could benefit from a declining domestic cost of borrowing.
"Many investors have scant appetite for risk at this point,
but that thing will soon change," Murgel said. "Our product
platform will help us identify interesting opportunities for
In April, São Paulo-based Fator stopped taking and
processing equity and derivatives orders directly from
institutional clients. The move helped the lender free up
capital and sharpen focus on catering to private-banking,
home-broker, banking and asset management clients.
Antonio Conceição will continue as FAR's chief investment
officer, reporting to Murgel, a 25-year veteran of Brazil's
asset management industry.
($1 = 3.2146 reais)
(Editing by David Gregorio)