cerulli and associates

							Press release




International fund sales in Latin America is focus of upcoming
report by Latin Asset Management and Cerulli Associates
   SECAUCUS, New Jersey (August 15, 2002) – Cerulli Associates, a global consulting and research
firm, and its strategic partner for Latin America, Latin Asset Management, announced they will
jointly publish the report Cross Border Fund Distribution in Latin America in late 2002.
   The report will be Cerulli’s and Latin Asset Management’s second since the partnership was
formed in mid-2001. Earlier this year, Trends in the Latin American Fund Management Marketplace was
published.
  The decision to follow up Trends with Cross Border Fund Distribution in Latin America is due to
many important factors:
   1) There is a heightened interest in internationally domiciled investment products on the part of
private clients, given the uncertainty that has engulfed the region on the heels of the Argentine
default and in the context of global recession and tightening of international credit lines.
  2) There are emerging options for the region’s institutional investors, such as pension funds,
mutual funds and insurance companies, to diversify their risk internationally, creating potential
business opportunities for global fund managers.
   3) Local boutiques offering managed accounts allocated internationally have challenged large
broker-dealer networks for private-client assets. Many of these specialized firms have emphasized
in-house asset selection over allocations to third-party mutual funds.
   4) Technological advances have made it easier for Latin residents to open, track and access
overseas accounts, while global fund platforms offered locally have brought with them an
unprecedented number of diverse products from a long list of manufacturers. These products
include capital-protected funds, hedge funds and exchange-traded funds, among others.
   In preparation of the report, the authors will employ confidential industry surveys, accessible
from the www.cerulli.com website, to size the cross-border fund market in Latin America, estimate
recent growth and analyze product and distribution trends.
   Cerulli Associates is one of the world’s most recognized financial services consultants. Latin
Asset Management is the chief intelligence provider to The Fund Pro/Latin America
(www.thefundpro.com), a website that delivers news and statistics to asset management
professionals doing business in Latin America.



Contact:       Ben Phillips, Cerulli Associates      Thomas V. Ciampi, Latin Asset Management
               UK +44.20.7220-9782                   New York +1.212.340-9459
               bphillips@cerulli.com                 thomas.ciampi@thefundpro.com


            The Fund Pro and Latin Asset Management are Latin Ventures LLC companies
                          For more information see http://thefundpro.com/