HSBC's Cuervo joins Santander as LatAm head

HSBC's José Cuervo has joined Santander Asset Management as global head of Latin American equities.

He began his role at Santander this week, having worked at HSBC since 1998, where he managed the $318m Latin American Equity fund and the $2.3bn Brazil Equity fund.

He was also responsible for management of Latin American equity weightings within the firm's BRIC and GEM funds.

Cuervo's new role will see him work with Santander's Latin America team in the region, comprised of 80 fund managers and analysts.

Santander said the appointment will help enhance its offering to institutions, particularly in Asia, given the growing interest in Latin American equities in the region.

The HSBC GIF Latin American Equity offering has returned 4.79% over three years versus a sector average of 4.37%, according to FE, while the Brazil Equity fund has lost 9.67% versus an average sector return of 4.37% over the same period.

HSBC said Brazil-based Natalia Kerkis will take over management of the two funds, backed by a 10-strong team.