Wealthy Latin Americans already have placed $117 billion in cross-border asset management products.[@@]
Researchers predict rapid growth in that cross-border asset management total in a report released by Cerulli Associates Inc., Boston, and Latin Asset Management Inc., New York.
Wealthy Latin American investors have put only 3% of their investable assets in the hands of professional money managers outside their countries’ borders, and only 2% of that 3% slice is in variable annuities, the researchers estimate.
The researchers estimate that 43% of the $117 billion in actively managed assets, or $50 billion, is in cross-border mutual funds, while 30% lies in managed accounts. Another 15% is in hedge funds.