Key Rating Drivers
Viter's 'Highest Standards' rating reflects Fitch's opinion that the investment platform and operational structure of the manager are superior relative to the standards applied by institutional investors in international markets.
Viter's rating factors in that the manager is part of a solid financial conglomerate,
The rating of the manager only considers its activities in the local market, including the portfolio under management of free funds from the
Viter's main challenges are the diversification into more sophisticated and higher value-added funds, such as those of credit and equities strategies, ongoing investments in tools and controls to sustain the growth of assets under management, and better performance of equities and multimarket funds.
The 'Highest Standards' rating is based on the following assessments:
Viter is part of a solid financial conglomerate, well-diversified and profitable. It is the fourth largest asset manager in
The manager relies on a well-established corporate governance structure, segregated from the other activities of the group, which involves formal and disciplined committees. The processes are well-established, with qualified and experienced professionals.
The manager's risk culture is rather conservative, with several well-established market and liquidity risk limits and close supervision from its main executives. Funds' liquidity has been ample, benefiting from the high volume of federal securities. Breaches of limits have been low and promptly resolved.
Viter's investment process is well-established, based on committees with a top-down and sectorial approach, with a long-term view supported by risk area analyses. The manager's team is adequate and experienced, benefiting from the stability of its professionals, most of which have over 15 years in the market and with the group. Fixed-income fund performance has been good, having reached, in general, return targets in the last couple of years, whereas the equities have not reached its objectives.
Fiduciary and custody administration activities are mainly developed by the group, such as in other large asset managers linked to banks in
The manager relies on a solid technological platform, despite being in the process of implementing a new asset control system, which should improve the degree of automation and process velocity. The new system includes pre-trading verification with blockings and alerts and facilities to obtain management reports. Contingency plans are well-elaborated, with redundancy in all critical systems.
Created in 1998, Viter is responsible for Caixa's third-party asset management. It ranks as the fourth-largest manager in
The rating of Vice-Presidencia de Gestao de Ativos de Terceiros da
For additional information on Fitch asset manager guidelines, please refer to the criteria referenced below, which can be found on Fitch's websites, at 'www.fitchratings.com' or 'www.fitchratings.com.br'.
Additional information is available at 'www.fitchratings.com'.
-- 'Reviewing and Rating Asset Managers' (
Reviewing and Rating Asset Managers
Fitch Ratings Brasil Ltda.
Source: Fitch Ratings
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