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Money Management

Mirabaud buys Brazilian manager Galloway Gestora De Recursos

Mirabaud Group has acquired Brazilian money manager Galloway Gestora De Recursos, in a move that expands the firm's emerging markets debt capabilities.

The Sao Paulo-based business has been integrated into Mirabaud Asset Management, which ran 8.8 billion Swiss francs ($8.9 billion) as of June 30. Current EMD assets under management could not be learned.

The team of seven from Galloway now operates under the leadership of Mirabaud's Andrew Lake, head of fixed income; and Daniel Moreno, head of emerging markets debt.

Galloway Gestora De Recursos will rebrand as Mirabaud Asset Management (Brasil), a news release said Thursday.

"This acquisition is particularly pleasing for two key reasons," said Lionel Aeschlimann, CEO of Mirabaud Asset Management and managing partner of Mirabaud Group, in the new release. "Firstly, this acquisition creates Mirabaud's first physical presence in South America, in line with the group's wider strategy. Latin America is a strategic region for Mirabaud, with our client numbers there growing steadily every year. For Mirabaud Asset Management, this acquisition increases our expertise as an active manager in a sector where significant performance opportunities can be found."

Financial details of the deal were not disclosed, a spokeswoman said. She added that senior management at Galloway will remain with the firm.