Good morning! We’re covering today why big banks are losing battle for asset management. The U.S. upholding a ban on Brazilian beef. Governors fight privatization on sanitation services. (This newsletter is for platinum subscribers only. Become one now!)
The red ocean of Brazilian banks
The Big 5 of Brazil’s banking industry—Itaú, Bradesco, Banco do Brasil, Caixa, and Santander—are losing out badly to independent brokers in the battle for asset management, according to a report by JPMorgan. Between 2013 and 2017, the Big 5 got 85 percent of new investments in funds. Over the past two years, the...
