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Global Credit Research - 06 Jul 2010
Sao Paulo, July 06, 2010 -- Moody's América Latina has affirmed the MQ1 Investment Manager
Quality (MQ) rating of VITER, the statutory segregated asset management
arm of Caixa Econômica Federal (CEF), the leading savings
and loan government-owned bank in Brazil. VITER is the fourth
largest asset manager in Brazil, with BRL109 billion in total assets
VITER's MQ1 rating reflects superior level of client servicing capabilities,
its well-defined, committee-based investment processes,
as well as its effective risk management. According to Moody's,
VITER also benefits from the strong support received by CEF -- which
has a strategic commitment to the asset management function -- as
well as the bank's extensive distribution reach and wide client-base,
with over 50 million clients and 33,000 points of service nationwide.
The rating agency added that VITER's investment performance is in
line with that of funds managed by its peers and comparable to investment
managers placed in the top two investment management quality rating categories.
Areas where Moody's believes VITER can further improve its operations
are its equity research and breadth of product offering. VITER
has traditionally aligned its strategy and investment management capabilities
with the needs of CEF's clientele, which generally have a
more conservative investment approach. Recently, however,
the firm has been expanding its product portfolio, repositioning
itself strategically and seeking new growth opportunities, such
as investors with a more aggressive risk-return investment objective.
Moody's noted that while this strategic shift could bode well for
the firm long-term -- as it becomes more established player
in these market segments -- the increased complexity and management
demands could present a risk in the near term, as the company adjusts
its organizational structure to better serve these more demanding clients.
The rating agency added that VITER's solid growth in total assets
under management of 24% compounded annual growth rate over last
three years compared to 14% of the market demonstrates the firm's
franchise strength. According to Moody's Vice President and
Senior Analyst, Rodolfo Nobrega, "The elevated assets
under management growth rate could lever VITER's competitive position
in segments in which it has not traditionally had strong presence,
helping establish itself as a manager of choice to more sophisticated
investors." The analyst added that VITER's effort in
targeting foreign investors is clearly a sign of a more active strategic
approach that, while could bring vast benefits to VITER, will
also put the firm's management quality and risk-adjusted
investment performance to the test.
Established in São Paulo, Brazil, VITER is the asset
management division of Caixa Econômica Federal -- the government-owned
savings and loan bank -- reporting directly to the Asset Management
Council, which, in turn, is directly monitored by CEF's
Management Board. As of May 31, 2010, VITER's
assets under management amounted to BRL109.1 billion -- not
considering the funds from FGTS, the Brazilian social security fund.
On March 31, 2010, CEF consolidated assets totaled BRL364.3
billion, and its shareholders' equity was BRL13.7 billion.
The last rating action on VITER occurred on January 10, 2007,
when Moody's assigned its MQ1 Investment Manager Quality rating.
The principal methodology used in rating VITER was "Moody's
Approach to Evaluating and Assigning Investment Manager Quality Ratings
to Asset Management Companies," published in August 2005 and
available on www.moodys.com in the Ratings Methodologies
sub-directory under the Research & Ratings tab. Other
methodologies and factors that may have been considered in the process
of rating these issuers can also be found in the Ratings Methodologies
sub-directory on Moody's website.
NOTE: Moody's Investment Manager Quality ratings do not indicate
a company's ability to pay a fixed financial obligation or satisfy
contractual financial obligations, either in its own right or any
that may have been entered into through actively managed portfolios.
Also, the ratings are not intended to consider the prospective performance
of a portfolio, mutual fund or other investment vehicle with respect
to appreciation, volatility of net asset value, or yield.
Vice President - Senior Analyst
Global Managed Investments Group
Moody's America Latina Ltda.
Senior Vice President
Global Managed Investments Group
Moody's Investors Service
Moody's affirms the MQ1 Investment Manager Quality rating of CEF's Investment Management Function (VITER)
No Related Data.
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