São Paulo’s financial centrecontinues to be the most powerful magnet for foreign direct investment (FDI) into Latin America and the Caribbean. In the 12 months to August 2013, FDI into the Brazilian city’s financial sector totalled $851.1m over eight investment projects.
Another Brazilian hub, Rio de Janeiro, is present in the top 10 ranking. With $72.9m and three projects, it is placed sixth. The coastal city has grown the size of its financial sector thanks mainly to the expanding business of asset managers, as well as private equity and venture capital funds. Port-related businesses are also expanding. For example, Norway’s marine insurance provider Assuranceforeningen Gard opened a new office in Rio de Janeiro to serve the local reinsurance market.
