The path to deeper investment integration between Brazil and Portugal is being paved with regulatory cooperation, new business models, and shared strategic interests. These were the central themes of the event Cooperation and Interoperability of Capital Markets and Wealth Management between Portugal, Brazil, and the Global Investment System, organized by PwC and held on September 24 in Lisbon, where Anbima joined regulators, executives, and market specialists from both countries for a series of high-level discussions. 

Representatives from the securities regulators of Brazil and Portugal opened the event by highlighting the progress already achieved and the ongoing developments in each region. Brazil’s Securities and Exchange Commission (CVM) also stressed the importance of its long-standing partnership with Anbima. 

In one of the panels, Asset and Wealth Management in Transformation: Portugal as a Global Platform and a Bridge to Brazil, participants drew attention to the growing relevance of cross-border fund distribution and the opportunities for cooperation between the two countries. 

For Tatiana Itikawa, Anbima's Chief of Regulatory Policy, Business Development, Self-Regulation, and International Affairs, the key to fostering closer financial ties between Brazil and Portugal lies in building secure, well-regulated pathways. “Every market we help accelerate within the association is developed with care and regulatory clarity, because it has to work, and it has to be safe,” she said. 

Itikawa reiterated that recent regulatory changes, including Brazil’s new framework for investment funds under CVM Resolution 175, are already facilitating cross-border investment, particularly for retail clients. “There’s a growing interest in Brazil in aligning with European standards. We’re opening the door for foreign investors, while asset managers remain the most robust channel for this connection.” 

Itikawa also underscored the importance of regulatory intelligence and collaboration between authorities in both countries, and Portugal is emerging as a natural next step. “We’re working to design fund structures with more international features. We’ve been building this bridge for over a decade. Anbima is now playing a key role in encouraging this movement, sensitizing the market, showing the advantages, and helping managers see the opportunities.”  

Double challenge

From Portugal’s side, Emanuel Silva, chief executive of IM Gestão de Ativos, noted that the country’s asset managers are facing a double challenge: increasingly sophisticated regulation and daily competition in a global market. “To respond to this, especially given the relatively small size of our market, we need global scale,” he said. “That’s why the Brazil–Portugal relationship is so strategically important.” 

He added that most Brazilian investment flows today still go to the U.S., but the potential for stronger ties with Europe is growing. “There are still few channels for Brazilian capital to reach Europe, but we’re starting to take meaningful steps to change that. This could become a powerful, mutually valuable platform.” 

Pedro Malaquias, a partner at Abreu Advogados, struck a more cautious note, warning that operational barriers remain high. “Without scale, it’s hard to justify the effort,” he said. “Rules are complex, interoperability is a challenge, and liquidity is still lacking.” 

But Rafael Flores Nunes, managing partner at Harbour Capital, pointed to clear momentum. “Institutional investors from the U.S. are far more active in Brazil than their European counterparts, but that’s changing,” he said. “With the new rules under Resolution 175, there’s now a real chance for European investors to access Brazilian funds more directly, instead of going through feeder funds in Luxembourg or Cayman.” 

The speakers reaffirmed that Brazil and Portugal are linked not only by language and culture but also by shared strategic priorities. They also discussed the operational barriers that remain and the importance of positioning Portugal as a key hub for strengthening ties between Brazil and Europe. As Itikawa concluded, “It won’t happen overnight, but what matters is that we keep moving forward.” 

Introducing brokers: A structured path to cross-border investment 

Lucas Santana (CFA) and Anbima's Tatiana Itikawa

Anbima was also present in another panel, The Strategic Role of Introducing Brokers: Facilitating Transatlantic Connections in Capital Markets, focused on how broker partnerships between Brazil and Portugal can serve as a practical and scalable route to international investment.  

Manuel Fernandez, CEO of Plural Markets, pointed to Portugal’s longstanding global orientation and its readiness to serve as a financial hub. He mentioned that international investors are showing increased interest in Brazil due to high interest rates, while many affluent Brazilians are moving to Portugal and will require local financial services.  

“Lower costs are essential for the investor, and accessing international investments through Portugal—with back-office and middle-office support in Portuguese—is a real advantage,” he added. “Brazil will keep coming to Portugal.” 

Anbima’s Itikawa noted that Brazil’s investor base is increasingly exposed to international markets, not only through investment funds and BDRs, but more recently via the introducing broker model. “Thanks to a recent CVM ruling, international brokerages can now formally partner with Brazilian brokers,” she explained. “It’s a new business model, still concentrated in Miami today, but we expect it to grow in a structured and secure way.” 

She also highlighted that while diversification is gaining traction among Brazilian investors—even in a high-interest-rate environment—the next step involves enabling product recommendations. “That will require strong certification standards and clear accountability from the local agent,” she said. 

Lucas Santana, CFA, noted that Brazil’s transformation is structural. “The country has historically been closed to capital exports, but in the last three years, we’ve seen a clear shift,” he said. “Brazilian investors now understand the importance of diversifying their portfolios, especially given the volatility of emerging market assets.” 

He explained that the introducing broker model allows foreign intermediaries to actively offer services to Brazilian residents, as long as they do so in partnership with a local broker, who remains responsible for key aspects such as investor suitability. 

Santana closed with a reflection that encapsulated the spirit of the discussion: “Perhaps this is the beginning of a stronger bond—one that will grow into deeper communities and open space for more sophisticated players. These ties, rooted in shared culture and trust, could be the key to long-term success.”