SAO PAULO, Aug 2 (Reuters) - J.P. Morgan Asset Management on Tuesday appointed Rossano Nonino as Chief Investment Officer for real estate in Brazil, the office for which is based in Sao Paulo.
“The turbulence in Brazil led to a 50 percent drop in real estate prices in local currency since the market peak, in 2011,” said Joe Azelby, global real estate chief at the asset management business of JPMorgan Chase & Co.
The firm believes there are good opportunities in Brazil, he said.
Rossano founded the real state division at Rio de Janeiro-based investment firm Gávea Investimentos Ltda in 2012 and managed around 1 billion reais ($307 million) in assets, while the firm was controlled by JP Morgan Chase. He has also been a partner at Rio Bravo Investimentos.
$1 = 3.2585 Brazilian reais Reporting by Tatiana Bautzer; Editing by David Gregorio