BNP Paribas Asset Management is increasing its focus on Latin America as it seeks to strengthen its presence in emerging markets. For that purpose, it has appointed a new head for its Latin American unit.
The asset manager has appointed Luiz Sorge as the head of Latin America. Luiz Sorge will take office from January 1, 2020. It is reported that he will be based in São Paulo and will report into Sandro Pierri, Global Head of Client Group.
Luiz Sorge is currently the CEO of BNPP AM Brazil. With the new position, he will support the asset management company’s long-term investments for clients in Latin America, media reports said. In addition, he will be responsible for operations in Brazil, Argentina, Chile, Columbia, Mexico and Peru.
A few weeks ago, Credit Suisse was merging some of its Latin American wealth management regions as part of its restructuring efforts to shift resources and slash costs, media reports said.
Jorge Fernandez Amann, head of Latin America for the international wealth management division, in a statement said “We have reviewed our operational set-up in Latin America to optimize our service delivery for our clients.” In his view, Latin America was of strategic importance to Credit Suisse.
The international wealth management unit is focused on achieving gross sales of $88 million in 2021, while 50 million of those savings is expected to come from asset management. The bank has been laying off employees at its alternative asset business.