BTG Pactual’s entry introduces the first credible competitive challenge to Singular Asset Management, which has effectively dominated the market for several years.

Both domestic and international firms will be eligible to participate in the process.

Amid heightened volatility, international asset managers see Brazilian investors shifting toward global diversification, with ETFs and gold moving from tactical trades to structural portfolio allocations.

Reversal highlights political constraints on deepening Peru’s pension system.

Proposed rule would let AFPs and investment banks distribute third-party mutual funds, expanding access while raising questions about conflicts of interest and market structure.