Brazil funds have until year-end to adopt new classification rules
SAO PAULO, April 13 (Reuters) - Anbima, a Brazilian group representing investment funds, said on Monday that money managers in the country have until year-end to adapt their investment vehicles to a new industry classification system.
The plan aims to rank asset managers in line with guidelines issued by securities industry watchdog CVM and international standards, Carlos Ambrosio, one of the Anbima executives who worked on the new rankings, said at an event to present the new classification rules.
The changes also seek to make the classification of investment funds friendlier to clients, Anbima said.
Under the new rules, funds will be first classified in terms of asset class, which includes equities, fixed-income, currencies and hedge funds. A second layer will allow clients to classify them in terms of product, maturities and geographical scope. A third layer will be linked to strategy.
Brazil has the seventh-largest fund industry in the world, with $883 billion in assets under management at the end of February, according to Anbima. (Reporting by Aluísio Alves; Writing by Guillermo Parra-Bernal; Editing by Ted Botha)
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