Latin Finance - July/August 2009 - 1

Contents July/August 2009 FUND PERFORMANCE 10 LatAm fund managers say global financial crisis stole most of the gains racked up in the heady years before the bust. They are struggling to keep up with any indices. COMPENSATION SURVEY 16 Brazilian investment bank compensation may tumble this year, but recovery is in sight. Those institutions less impacted by crisis should still pay well. SELLSIDE STARTUPS 19 With the investment banking model under siege, entrepreneurs detect an opportunity to fill a void in sellside service. Oversupply of available talent is driving the process. 10 Cover story Fund performance 12 EIKE BATISTA INTERVIEW 21 The Brazilian entrepreneur is moving ahead full steam with plans to create an infrastructure-focused private equity fund worth up to $10 billion. PRIVATE EQUITY 22 Despite cash raising challenges, private equity funds are not pulling out of LatAm, which is more attractive than other regions. PRIVATE BANKING 24 Brazilian institutions are seizing private bank market share. High net worth clients are repatriating funds but staying cautious. 21 Eike Batista Sellside startups 19 BNDES LENDING ANALYSIS 26 The BNDES provides critical long-term and affordable funding through severe market stress. It insists that a flood of subsidized money complements the private sector. ECUADOR MINING 30 Ecuador may be exiled from capital markets for years by an aggressive debt restructuring, but the government still hopes to attract mining dollars. CORPORATE GOVERNANCE 34 Governance standards are rising quickly, but some LatAm corporates are missing the boat. Brazil remains the regional standard bearer. 34 Ecuador mining Parting shot 48 PARTING SHOT 48 Moody’s analyst Gabriel Torres assesses the potential for sovereign upgrade. LatinFinance® (USPS 004-662), (ISSN 1048-535X) is published bi-monthly by Latin American Financial Publications, Inc., 2600 Douglas Road., Suite 410, Coral Gables, FL 33134 USA. Periodicals postage paid at Miami, FL and at additional mailing offices. POSTMASTER: SEND ADDRESS CHANGES TO: LATINFINANCE, 2600 DOUGLAS ROAD, SUITE 410, CORAL GABLES, FLORIDA 33134 USA Copyright© 2009 Latin American Financial Publications, Inc. All rights reserved. Reproduction in whole or in part of any text, photograph, or illustration without written permission from the publisher is strictly prohibited. Title is protected through a trademark registration with the US Patent Office. Who said that? “Despite the promises of active management, I wouldn’t truly expect most managers to beat an index that I’d call a decently constructed and honest index.” See page 10 LatinFinance Roundtables are underwritten by sponsors, although the magazine’s editors retain control over the content of these articles to ensure their objectivity and independence. July/August 2009 LATINFINANCE 1

Latin Finance - July/August 2009

Table of Contents for the Digital Edition of Latin Finance - July/August 2009

Latin Finance - July/August 2009
Contents
Fund Performance
Compensation Survey
Sellside Startups
Eike Batista Interview
Private Equity
Private Banking
BNDES Lending Analysis
Equador Mining
Corporate Governance
Parting Shot
Latin Finance - July/August 2009 - Latin Finance - July/August 2009
Latin Finance - July/August 2009 - Cover2
Latin Finance - July/August 2009 - Contents
Latin Finance - July/August 2009 - 2
Latin Finance - July/August 2009 - 3
Latin Finance - July/August 2009 - 4
Latin Finance - July/August 2009 - 5
Latin Finance - July/August 2009 - 6
Latin Finance - July/August 2009 - 7
Latin Finance - July/August 2009 - 8
Latin Finance - July/August 2009 - 9
Latin Finance - July/August 2009 - Fund Performance
Latin Finance - July/August 2009 - 11
Latin Finance - July/August 2009 - 12
Latin Finance - July/August 2009 - 13
Latin Finance - July/August 2009 - 14
Latin Finance - July/August 2009 - 15
Latin Finance - July/August 2009 - Compensation Survey
Latin Finance - July/August 2009 - 17
Latin Finance - July/August 2009 - 18
Latin Finance - July/August 2009 - Sellside Startups
Latin Finance - July/August 2009 - 20
Latin Finance - July/August 2009 - Eike Batista Interview
Latin Finance - July/August 2009 - Private Equity
Latin Finance - July/August 2009 - 23
Latin Finance - July/August 2009 - Private Banking
Latin Finance - July/August 2009 - 25
Latin Finance - July/August 2009 - BNDES Lending Analysis
Latin Finance - July/August 2009 - 27
Latin Finance - July/August 2009 - 28
Latin Finance - July/August 2009 - 29
Latin Finance - July/August 2009 - Equador Mining
Latin Finance - July/August 2009 - 31
Latin Finance - July/August 2009 - 32
Latin Finance - July/August 2009 - 33
Latin Finance - July/August 2009 - Corporate Governance
Latin Finance - July/August 2009 - 35
Latin Finance - July/August 2009 - 36
Latin Finance - July/August 2009 - 37
Latin Finance - July/August 2009 - 38
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Latin Finance - July/August 2009 - 46
Latin Finance - July/August 2009 - 47
Latin Finance - July/August 2009 - Parting Shot
Latin Finance - July/August 2009 - Cover3
Latin Finance - July/August 2009 - Cover4
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