Government of Singapore Investment Corp., which manages more than $100 billion of the nation’s reserves, is planning to open a Sao Paulo office next year after investing in Brazil, a person familiar with the matter said.
The sovereign wealth fund, known as GIC, has hired Gastao Valente as senior vice president and Marcos Freitas as assistant vice president for its Brazilian investments, the person said, asking not to be identified as the information is confidential. The two executives are now working at its New York office, the person said. Mah Lay Choon, a GIC spokeswoman, declined to comment on the plan.
GIC is opening the Sao Paulo office as it increases its investments in Brazil. The fund is close to a deal to buy a 20 percent stake in BR Towers SA, a Brazilian operator of cellular towers, two people with direct knowledge of the transaction said in March, and it teamed up with its affiliate Global Logistic Properties Ltd. (GLP) and two other state funds in November to buy assets in Brazil for 2.9 billion real ($1.4 billion).
“Latin America and Brazil, in particular, are regions with strong economic growth,” said Sven Behrendt, managing director at Geneva-based political risk research and advisory firm GeoEconomica. “It makes sense for a sovereign wealth fund to position itself in that dynamic region.”
The Sao Paulo office will be the ninth for GIC, which also has offices in London, Mumbai, Shanghai, Beijing, Seoul, Tokyo, San Francisco and New York, according to its website.
Senior Vice President Adam Gallistel, who’s based in New York, will remain as the head of Brazil for GIC Real Estate, the person said, adding that no decision has been made on a relocation to Sao Paulo.
Pere magazine reported the plans on its website earlier.
GIC is the world’s eighth-biggest state fund with an estimated $248 billion of assets under management, according to the Sovereign Wealth Fund Institute’s website.
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