Latin America's asset management business suffered a nasty reverse in the second half of last year, according to data released in April by Latin Asset Management, a consultancy. Funds under management dropped by $23.97 billion, or 15%, between July and December. Brazil led the decline with a 19% fall in dollar terms as assets dropped to $98 billion. Even so, four of the region's 10 best-performing funds were Brazilian. However, the 10 worst performers were all Brazilian, with the country's three biggest banks bringing up the rear. Banco do Brasil, Banco Itaú and Bradesco came in at the bottom of the list. They turned in an average decline of 18% to an aggregate
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