Markets & Distribution Channels Research Report Series. Latin America Markets: Selective Opportunities & Continuing Risks
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1 Markets & Distribution Channels Research Report Series Latin America Markets: Selective Opportunities & Continuing Risks December 2010
2 TABLE OF CONTENTS INTRODUCTION, KEY FINDINGS, & EXECUTIVE SUMMARY...15 A SYNOPSIS OF FINANCIAL SERVICES INDUSTRY MARKETS & DISTRIBUTION CHANNELS...30 EVOLUTION OF THE LATIN AMERICA MARKETS...77 Market History...77 Early Phase...77 Middle Phase...77 Modern Phase...77 Market Definition...78 Brazil...79 Mexico...79 Argentina...79 Venezuela...79 Colombia...79 Chile...79 Other Latin American Countries...79 Market Growth...80 Population...80 Geographical Area...80 Gross Domestic Product...80 Financial Services Firms...80 Financial Services Firms Employees...80 Financial Services Firms Branches...80 Financial Services Firms Clients...80 Financial Services Firms Assets Under Administration...81 Financial Services Firms Assets Under Management...81 Financial Services Firms Revenues...81 Financial Services Firms Net Profits...81 Leading Latin America Markets...81 Population...81 Geographical Area...81 Gross Domestic Product...82 Financial Services Firms...82 Financial Services Firms Employees...82 Financial Services Firms Branches...82 Financial Services Firms Assets Under Administration...82 Financial Services Firms Assets Under Management...82 Financial Services Firms Revenues...82 Financial Services Firms Net Profits...83 Leading Latin America Markets Financial Services Firms...83 Employees...83 Branches...83 Clients...83 Assets Under Administration...83 Assets Under Management...83 Revenues...84 Net Profits...84
3 MARKET SEGMENTATION...85 Brazil...86 Market History...87 Portuguese Rule Phase...87 Independent Rule Phase...87 Market Definition...87 Rio De Janeiro...87 San Paolo...87 Rest of Brazil...87 Market Growth...87 Population...87 Geographical Area...88 Gross Domestic Product...88 Financial Services Firms...88 Financial Services Firms Employees...88 Financial Services Firms Branches...88 Financial Services Firms Clients...88 Financial Services Firms Assets Under Administration...88 Financial Services Firms Assets Under Management...88 Financial Services Firms Revenues...88 Financial Services Firms Net Profits...88 Leading Brazilian Financial Services Firms...93 Employees...93 Branches...93 Clients...93 Assets Under Administration...93 Assets Under Management...93 Revenues...93 Net Profits...93 Mexico...93 Market History...93 Spanish Rule Phase...93 Independence Phase...93 Market Definition...94 Mexico City...94 Rest of Mexico...94 Market Growth...94 Population...94 Geographical Area...95 Gross Domestic Product...95 Financial Services Firms...95 Financial Services Firms Employees...95 Financial Services Firms Branches...95 Financial Services Firms Clients...95 Financial Services Firms Assets Under Administration...95 Financial Services Firms Assets Under Management...95 Financial Services Firms Revenues...95 Financial Services Firms Net Profits...95 Leading Mexican Financial Services Firms...97 Employees...97 Branches
4 Clients...97 Assets Under Administration...97 Assets Under Management...97 Revenues...97 Net Income...98 Argentina...98 Market History...98 Spanish Rule Phase...98 Independence Phase...98 Market Definition...98 Buenos Aires...98 Rest of Argentina...98 Market Growth...98 Population...99 Geographical Area...99 Gross Domestic Product...99 Financial Services Firms...99 Financial Services Firms Branches...99 Financial Services Firms Employees...99 Financial Services Firms Clients...99 Financial Services Firms Assets Under Administration...99 Financial Services Firms Assets Under Management...99 Financial Services Firms Revenues Financial Services Firms Net Profits Leading Argentine Financial Services Firms Employees Branches Clients Assets Under Administration Assets Under Management Revenues Net Profits Venezuela Market History Gran Colombia State Phase Independent State Phase Market Definition Caracas Rest of Venezuela Market Growth Population Geographical Area Gross Domestic Product Financial Services Firms Financial Services Firms Employees Financial Services Firms Branches Financial Services Firms Clients Financial Services Firms Assets Under Administration Financial Services Firms Assets Under Management Financial Services Firms Revenues Financial Services Firms Net Profits
5 Leading Venezuelan Financial Services Firms Employees Branches Clients Assets Under Administration Assets Under Management Revenues Net Income Colombia Market History Gran Colombia Phase Not Gran Colombia Phase Market Definition Bogata Rest of Columbia Market Growth Population Geographical Area Gross Domestic Product Financial Services Firms Financial Services Firms Employees Financial Services Firms Branches Financial Services Firms Clients Financial Services Firms Assets Under Administration Financial Services Firms Assets Under Management Financial Services Firms Revenues Financial Services Firms Net Profits Leading Columbian Financial Services Firms Employees Branches Clients Assets Under Administration Assets Under Management Revenues Net Income Chile Market History Spanish Rule Phase Independence Phase Market Definition Santiago de Chile Rest of Chile Market Growth Population Geographical Area Gross Domestic Product Financial Services Firms Financial Services Firms Employees Financial Services Firms Branches Financial Services Firms Clients Financial Services Firms Assets Under Administration
6 Financial Services Firms Assets Under Management Financial Services Firms Revenues Financial Services Firms Net Profits Leading Chilean Financial Services Firms Employees Branches Clients Assets Under Administration Assets Under Management Revenues Net Profits Other Latin American Countries Market History Early Phase Middle Phase Recent Phase Market Definition Peru Ecuador Guatemala Bolivia Honduras Paraguay El Salvador Nicaragua Costa Rica Uruguay Panama Market Growth Population Geographical Area Gross Domestic Product Financial Services Firms Financial Services Firms Employees Financial Services Firms Branches Financial Services Firms Clients Financial Services Firms Assets Under Administration Financial Services Firms Assets Under Management Financial Services Firms Revenues Financial Services Firms Net Profits Leading Other Latin American Countries Financial Services Firms Employees Branches Clients Assets Under Administration Assets Under Management Revenues Net Income KEY SERVICE PROVIDERS TO LATIN AMERICA MARKETS Custodians, Clearing Brokers, & Independent Broker/Dealers
7 Custodians Clearing Brokers Independent Broker/Dealers Mutual Fund Companies & Other Traditional Product Companies Mutual Fund Companies Other Traditional Product Companies Fee-Accounts, TAMPs, & Separate Account Managers Fee-Accounts TAMPs Separate Account Managers Exchange Traded Funds, Hedge Funds, & Other Investment Product Companies..118 Exchange Traded Funds Hedge Funds Other Investment Product Companies Wealth Management & Family Office Service Product Companies Wealth Management Family Office Service Product Companies Technology Companies & Other Key Service Providers Technology Companies Other Key Services Providers FUTURE PREDICTIONS FOR THE LATIN AMERICA MARKETS Continuing Highly Pronounced Wealth Divide Unique Risks Including Drug Trade Induced Risks, Faltering Democracy & the Threat of Nationalization of Companies, & Currency Fluctuations Drug Trade Induced Risks Faltering Democracy & the Threat of Nationalization of Companies Currency Fluctuations Increasing Online Financial Services Potential Growing Emphasis on Brazil & Mexico Opportunities in Brazil Opportunities in Mexico Attractive Build & Buy Opportunities Increasing Venture Capital & Private Equity Opportunities Growing Potential of Brazil & Mexico as Venture Capital Hubs APPENDIX Profiles of Latin America Markets Financial Services Firms Banco Bradesco History Early Phase Middle Phase Recent Phase Statistics Businesses Commercial Banking Organization & Ownership Banco Comafi History Early Phase Middle Phase Recent Phase
8 Statistics Businesses Commerical Banking Organization & Ownership Banco de Chile History Early Phase Middle Phase Recent Phase Statistics Businesses Commercial Banking Organization & Ownership Banco de Credito del Peru History Early Phase Middle Phase Recent Phase Statistics Businesses Commercial Banking Organization & Ownership Banco do Brasil History Early Phase Middle Phase Recent Phase Statistics Businesses Commercial Banking Organization & Ownership Banco Edwards History Early Phase Middle Phase Recent Phase Statistics Businesses Commercial Banking Organization & Ownership Banco Itau History Early Phase Middle Phase Recent Phase Statistics Businesses Commercial Banking Organization & Ownership Banco Mercantil History
9 Early Phase Middle Phase Recent Phase Statistics Businesses Commercial Banking Organization & Ownership Banco Patrimonio History Early Phase Middle Phase Recent Phase Statistics Businesses Commercial Banking Organization & Ownership Banco Popular History Early Phase Middle Phase Recent Phase Statistics Businesses Commercial Banking Organization & Ownership Banco Rio de la Plata History Early Phase Middle Phase Recent Phase Statistics Businesses Commercial Banking Organization & Ownership Banco Santander History Businesses Banco Santander Mexicano Organization & Ownership Banorte History Early Phase Middle Phase Recent Phase Statistics Businesses Commercial Banking Organization & Ownership BBVA History Businesses
10 Bancomer Banco, Bilbao, Vizcaya Organization & Ownership Belize Bank History Early Phase Middle Phase Recent Phase Statistics Businesses Commercial Banking Organization & Ownership Citigroup History Businesses Banamex Organization & Ownership Compartamos Banco History Early Phase Middle Phase Recent Phase Statistics Businesses Commercial Banking Organization & Ownership Copernico Capital Management History Early Phase Middle Phase Recent Phase Statistics Businesses Hedge Funds Organization & Ownership Explorador Capital Group History Early Phase Middle Phase Recent Phase Statistics Businesses Hedge Funds Organization & Ownership FAMA Investimentos History Early Phase Middle Phase Recent Phase Statistics Businesses
11 Hedge Funds Organization & Ownership First BanCorp History Early Phase Middle Phase Recent Phase Statistics Businesses Commercial Banking Organization & Ownership Grupo Elektra History Early Phase Middle Phase Recent Phase Statistics Businesses Financial Services Retail Organization & Ownership HSBC History Businesses HSBC Mexico Organization & Ownership Interpacific Investor Services History Early Phase Middle Phase Recent Phase Statistics Businesses Independent Broker/Dealer Organization & Ownership Metropolitan Life (Met Life) History Businesses Met Life Mexico Organization & Ownership Moneda Asset Management History Early Phase Middle Phase Recent Phase Statistics Businesses Research Investment Funds Fund Distribution Wealth Management
12 Organization & Ownership News Corporation History Businesses Businesses Filmed Entertainment Television Cable Network Programming Direct Broadcast Satellite Television Integrated Marketing Services Newspapers & Information Services Dow Jones & Company The Wall Street Journal Barron s Smart Money Dow Jones Information Services Venture Edge Venture Capital & Healthcare Venture Capital & Information Technology Books Other Assets Organization & Ownership New York Life History Businesses New York Life International Argentina Mexico Organization & Ownership Opportunity Asset Management History Early Phase Middle Phase Recent Phase Statistics Businesses Hedge Funds Organization & Ownership Royal Bank of Canada History Businesses International Banking Organization & Ownership Royal Bank of Scotland History Businesses ABN Amro Inversiones Argentina Organization & Ownership Spinnaker History Early Phase
13 Middle Phase Recent Phase Statistics Businesses Hedge Funds Organization & Ownership Sudameris History Early Phase Middle Phase Recent Phase Statistics Businesses Commercial Banking Organization & Ownership Tarpon Investment Group History Early Phase Middle Phase Recent Phase Statistics Businesses Hedge Funds Organization & Ownership Unibanco History Early Phase Middle Phase Recent Phase Statistics Businesses Commercial Banking Organization & Ownership Profiles of Latin America Markets Service Providers Instituto Brasileiro de Certificacao de Professionais Financerios (IBCPF) History Early Phase Middle Phase Recent Phase Statistics Services Education Organization & Ownership Instituto de Planificacion (IFP) History Early Phase Middle Phase Recent Phase Statistics Services Education
14 Organization & Ownership Duplication or distribution of this report, and/or the data in this report, is strictly prohibited without the written consent of Tiburon Strategic Advisors, LLC 14
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