Slide sem ttulo

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DYNAMO
DYNAMO ADMINISTRAÇÃO DE RECURSOS
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DYNAMO BRIEF HISTORY

• Partnership established in September, 1993
• Independent from any financial institution
• Only activity is investment management in Brazil
• Exclusive focus on Brazilian Equities
• Currently manages about R 1 billion in equities
  9th largest equities manager in Latin America
• Long term value-oriented investors
• Strong focus on corporate governance

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Overview of Fund Industry in Brazil
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Overview of Fund Industry in Brazil

• Industry is focused on fixed Income products
  high interest rates
• Most of the resources comes from retail clients
• High degree of concentration on few Fund Managers

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Overview of Fund Industry in Brazil

• Large commercial banks dominate the Industry
• Independent Fund Managers are starting to emerge

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Conflicts Of Interest

• Regulatory Framework must address the conflicts
  inherent to
• the industry given the massive presence of
  commercial banks
• Disclosure
• i) Parents direct ownership on invested
  securities
• ii) Investment and commercial banking
  relationships with issuers
• iii)Transactions among the Parent and the Funds
• iv) Services rendered by parent to the Funds
• Enforcement/Governance
• i) Equip regulatory agencies
• ii) Improve monitoring procedures
• iii) Urge investors to be more proactive towards
  Funds