Singapore's sovereign wealth fund opens office in Brazil
SINGAPORE, April 1 (Reuters) - Singapore's sovereign wealth fund GIC Private Ltd said on Tuesday it has opened an office in Brazil as it looks to increase its investments in Latin America.
Based in Sao Paolo, the new office will focus on investments in real estate, healthcare, financial and business services, and natural resources and infrastructure, GIC said in a statement.
The fund's chief investment officer, Lim Chow Kiat, said he is confident of the long-term growth prospects in Latin America despite the recent volatility in emerging market economies.
"Our presence in Brazil will enable our partners to engage early and interact closely with the GIC team, which is very beneficial for complex and sizeable investments," he said.
Brazil has outperformed developed markets since 2000, but its economy has taken a hit in recent years due to investor concerns about the U.S. Federal Reserve ending its monetary stimulus.
GIC ranks as the world's eighth largest fund with $285 billion worth of assets, according to the Sovereign Wealth Fund Institute.
Singapore state investor Temasek Holdings Private Ltd [TEM.UL} also has an office in Sao Paolo that it opened in 2008.
(Reporting By Andrew Toh; Editing by Rachel Armstrong and Matt Driskill)
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