Ashmore Heard Starting Brazil Prop Desk

UK-based Ashmore Group is apparently preparing to open an office in São Paulo. The operation will apparently house a new proprietary trading desk focused on, among other things, Brazilian securities, including local currency, equities and fixed income, according to people away from the initiative. To set it up, Ashmore has hired Eduardo Câmara Lopes, former head of Itaú BBA’s international treasury desk, say Brazil-based sources. Ashmore was not immediately available for comment.