J.P. Morgan's Brazil IT is now fully invested, and running with a heavy bias towards the domestic consumer.
Brazilian state oil company Petrobras has raised $70bn (£45bn) yesterday in the world's largest ever share offer.
BlackRock's Will Landers, the largest investor in South American equities, is maintaining a big underweight in Petrobras as the giant prepares for its world record rights issue.
Carlos de Leon has joined Allianz RCM as a portfolio manager ahead of the launch of its Brazil fund in October.