Guo Guangchang, Chairman of Fosun International
Fosun International Ltd is in advanced talks to buy Brazilian fund manager Rio Bravo Investimentos Ltda, a source familiar with the matter said on Wednesday, in what would be the Chinese firm's first investment in Brazil.
Rio Bravo's three main partners, former Brazilian central bank president Gustavo Franco, Paulo Bylik and Mario Fleck, would keep running the Rio de Janeiro-based firm.
Rio Bravo manages about 10 billion reais ($3 billion) of client's money distributed in liquid funds, real estate and private equity investments. Fosun has about $50 billion in assets under management.
Founded by Chinese billionaire Guo Guangchang, Fosun has grown into China's biggest private conglomerate, with holdings ranging from medical companies to French travel group Club Med.
Facing a slowing economy at home, Chinese businesses are hunting for non-yuan assets abroad. Chinese outbound M&A activity has more than doubled in two years, hitting a record $120 billion in total deal value so far in 2016, according to news released.
Reuters
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