Maua Targets Credit

Brazilian hedge fund Maua Investimentos, run by former central banker Luiz Fernando Figueiredo, is merging with Sekular Investimentos, a fund owned by former Banco Safra executives that specializes in structured credit and wealth management. The joint venture, to be called Maua Sekular Participacoes, is aimed at strengthening both organizations, especially Maua, which has for years sought to expand its product offering beyond multimercado and global macro hedge fund strategies. The merger adds some BRL400m in AUM to Maua’s existing BRL600m, taking the total to BRL1bn. That is still below the BRL2.5bn Maua had at its peak in December 2007, but also 5 times the BRL200m it had at its September 2008 low. Maua’s offshore fund, which mirrors its flagship local vehicle, had $157m under management at the end of August. The credit investment fund will focus on managing asset-backed receivables funds and other structured products, including real estate funds, a Maua IR official tells LatinFinance. It will be headed by Joao Carlos Chede, who used to lead credit operations for Banco Safra. Less exotic instruments like debentures and other local debt structures will likely be included in the fund, or comprise a separate vehicle farther down the line, says the official. Maua also acquires a strong private wealth platform led by former Safra executive Joao Cesar Tourinho and comprised of a Sekular’s roster of ultra high net worth investors. Maua has long sought to have a wealth management business to complement its offering to existing clients, says the executive.