Former Minister Bresser-Pereira debut in resource management

Now it's all in the house. At the age of 75 years, the former Minister of Finance Luiz Carlos Bresser-Pereira will make his debut in the financial market. He finally accepted the invitation of his son, Rodrigo, to join the Bresser Asset Management, house with almost R$250 million under management. On the eve of launching the book "Globalização e Competição" in three languages - French (Éditions La Decouverte), English (Cambridge University Press) and Portuguese (Campus) - Bresser-Pereira is ready for a new phase of learning. In addition to taking up the operation of the business of asset management, a new area in his extensive curriculum, he will take the analysis of companies, combining macroeconomic and corporate management experience accumulated in his years of public, business and academic life.

Somehow, the "yes" to his son was eight years late. When Rodrigo, former partner of Banco Matrix, set up the manager, he suggested that the father had a small role in the business. But on that occasion, Bresser-Pereira wanted to dedicate himself exclusively to studies of macroeconomics of development, books and articles in newspapers, his website and teaching - since 1959, he teaches at Fundação Getúlio Vargas (FGV) of São Paulo, accumulating passages in the Universities of São Paulo and Paris I (Panthéon-Sorbonne), in addition to regular courses at the École des Hautes Études en Sciences Sociales, of Paris.

All these activities will not be abandoned. The routine in the Bresser will come down to weekly meetings with the five analysts-partners that integrate the management team. The biggest challenge will be to separate what he advocates on economic theory of investment strategies effectively implemented for the funds of the house. "The idea is not to go deep (in the analysis of companies), but to hear what the team has to say, talk, I'm good making other people to think," Bresser-Pereira said. Although he and his son have visible intellectual affinity, according to all indications, the conviviality won't be peaceful at all.

They did not, for example, reach a consensus on what direction Selic will take in the next 2010-2011. Bresser-Pereira father considers that, although high, real interest rates will be rising to fix inflationary pressures arising from the resumption of activity. Rodrigo supports the line that the Government still has instruments such as the elevation of the compulsories and the end of tax incentives, to keep the cost of living indexes under a tight rein. The appreciation of the real and the resulting accumulated deflation by the IGP-M this year will play the role of preventing adjustments in administered prices.

This policy to allow the overvaluation of the exchange rate to promote growth with external savings that Bresser-Pereira father is a critical. As he explains, it is a kind of strategy that invariably translates into current account deficits which, over time, will produce foreign exchange crises.

In Bresser Asset, he also shares his corporate experience. Prior to joining public life, he was named Chairman of Banespa in 1984, under the management of Franco Montoro, in São Paulo, and then, in 1987, became the Finance Minister in the Government of José Sarney - for long, Bresser-Pereira was the man of confidence of businessman Abílio Diniz in the grupo Pão de Açúcar, opened the second store retailer network when he entered, and left when it was one of the largest private groups in the country.

From a sporadic advisor, in family gatherings during weekends, Bresser-Pereira father will become an effective voice, present and interested in asset, Rodrigo said. According to him, the idea to bring the father to the society has to do with a greater professionalization of the company in the post-crisis. Like many other investment houses, Bresser lost assets and saw its assets shrink by nearly R$50 million during the hurricane after the breaking of Lehman Brothers in September 2008. Bresser already recovered much of that with the strengthening of funding among customers and prices appreciation. With the lean structure, Bresser could increase the team of analysts even during the global collapse, gaining an important name in the market. "It will be another brain with great ability to evaluate people, scenarios and strategies, internal as external, it will be one more to think about how to expand the business," Rodrigo said.

While Bresser-Pereira combines the scientific analysis of the economy, with administrative experience and political skill, Rodrigo is the result from the financial market. He was a McKinsey consultant for four years, before managing stock funds and private equity in the extinct Matrix, one of the most exciting investment banks during the 90s. Altogether, 14 years in economic and enterprises analysis, in addition to having learned all the operating dynamics of the market.

The arrival of the father to society does not provide for capital supply and both are limited to say it will be a small percentage of the business. "I'm going to be more aware of what's happening with the financial market and with Brazilian companies", Bresser-Pereira said. For now, he came to organize the house and the fund grid will not be expanded. On the shelf there are two markets, Bresser Hedge and Hedge Plus, a stock portfolio and another "offshore" (outside the country), aimed at foreign investors.


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 Todas as informações contidas no site da Bresser Administração de Recursos Ltda. têm apenas propósito informativo e, portanto, não devem ser consideradas oferta de venda de cotas dos fundos de investimento ou de qualquer título ou valor mobiliário. Os fundos Bresser Ações FIC de FIA, Bresser Hedge FIM e Bresser Hedge Plus FIM estão autorizados a realizar aplicações em ativos financeiros no exterior. A meta de performance dos fundos Bresser Hedge FIM e do Bresser Hedge Plus é o CDI. A meta de performance do fundo Bresser Ações FIC de FIA é o IPCA. Quaisquer comparações destes fundos com outros índices, como o Ibovespa, são meras referências econômicas. Os fundos Bresser Ações FIC de FIA, Bresser Hedge FIM e Bresser Hedge Plus FIM, por possuírem posição em renda variável, podem estar expostos a significativa concentração em ativos de poucos emissores, com os riscos recorrentes. A rentabilidade divulgada não é líquida de impostos nem da taxa de saida. Os fundos Bresser Ações FIC de FIA, Bresser Hedge FIM e Bresser Hedge Plus FIM utilizam estratégias com derivativos como parte integrante de sua política de investimento. Tais estratégias, da forma como são adotadas, podem resultar em significativas perdas patrimoniais para seus cotistas. Fundos de investimento não contam com garantia do administrador do fundo, do gestor da carteira, de qualquer mecanismo de seguro ou, ainda, do fundo garantidor de créditos – FGC. A rentabilidade obtida no passado não representa garantia de rentabilidade futura. É recomendada a leitura cuidadosa do prospecto e regulamento do fundo de investimento pelo investidor antes de aplicar seus recursos.

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