Citi launches onshore Brazilian fund linked to US stocks
Citi fund enables investors in Brazil to explore non-local underlyings while retaining the comfort of an investment in their home currency
Citi has launched the first onshore real-denominated structured fund linked to a basket of US stocks in response to demand from investors in Brazil for diversification away from domestic underlyings.
The fund, which closed on Thursday, June 23, raised 146.2 million reais ($91 million). It was marketed to the bank's mass affluent, high-net-worth and ultra-high-net-worth clients and is likely to be the first of many.
"The fund exceeded our expectations," says Nicholas Parcharidis, managing
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