Banco Santander Brasil has announced the launch of a new mutual fund that gives investors in that South American country access to global equity markets.
"With increasingly globalized economies, it makes sense to offer our customers this opportunity to access equity markets in other countries," Luciane Ribeiro, executive director of Santander Asset Management Brasil, said of Wednesday's launch.
The Global Equities fund has a minimum investment requirement of 1 million reais ($455,788) and a 1 percent annual management fee.
The fund will invest in equity funds in the United States, Europe, Asia and so-called "emerging markets."
Santander Asset Management Brasil manages some 124 billion reais ($56.5 billion) in assets through more than 530 investment vehicles.
Banco Santander Brasil is the Brazilian unit of Spanish banking giant Santander. EFE