Economics & Strategy: Local-Markets Strategy – Third
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Economics & Strategy: Local-Markets Strategy – Third

Debuting in first place in this new sector is Alexandre Müller’s five-strong BTG Pactual team, which also lands at No. 2 in Corporate Debt and No. 3 in Sovereign Debt.

Alexandre Müller & team Santander


The buy side says: “Alexandre’s knowledge of the Brazilian bond market is truly impressive.”


Debuting in first place in this new sector is Alexandre Müller’s five-strong BTG Pactual team, which also lands at No. 2 in Corporate Debt and No. 3 in Sovereign Debt. Praised for research that is “thorough, timely and unbiased,” as one money manager puts it, the São Paulo–based strategists advised clients in June 2011 to buy AMLP33, a debenture issued by Brazil-based health care services provider Amil Participações with a coupon of 1.60 percent above the Certificado de Depósito Interbancário (or interbank deposit) rate. By mid-July 2012 yields on trades in the secondary market were much tighter — indicating a more favorable perception of the company’s credit risk — at CDI plus 0.88 percent, the team leader reports. Müller, 30, is a graduate of Rio de Janeiro’s Universidade Federal Fluminense with a bachelor’s degree in economics; he worked as a credit portfolio manager at Icatu Hartford Asset Management in Rio before moving to UBS Pactual in 2007 to develop that firm’s credit research department. — Thomas W. Johnson


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