Representatives from capital markets around the world gathered in Luxembourg for the Global Asset Management Conference, organized by the Association of the Luxembourg Fund Industry (ALFI). The event—held on March 25 and 26 and attended by Luxembourg’s Finance Minister Gilles Roth—covered topics such as private debt, tokenized funds, alternative investments, artificial intelligence, and the economic outlook for 2025.

On the first day of the conference, the panel Brazil in the spotlight offered a comprehensive overview of the Brazilian asset management market, focusing on recent transformations and opportunities for international investors and fund managers.

The discussion highlighted the regulatory progress achieved in the country, particularly with Resolution No. 175 from the Securities and Exchange Commission of Brazil (CVM), which modernized fund industry rules and aligned them with global best practices. “This regulation has brought the Brazilian market closer to the international industry, both in terms of fund structures and investment possibilities,” said Ana Flávia Lopes, head of International Representation at the Brazilian Financial and Capital Markets Association (ANBIMA), who was one of the panelists.

Participants also learned about Joint Resolution No. 13, issued by the CVM and Brazil’s Central Bank, which introduced key measures to attract foreign capital.

Among the opportunities mentioned, Lopes pointed to the ongoing public consultation aimed at expanding retail investor access to Private Equity Investment Funds (FIPs), along with the possibility of increasing the international allocation limits for these vehicles.

Another topic discussed was the positive assessment from the Financial Stability Board (FSB), which acknowledged the modernization of Brazil’s fund industry in areas such as regulation and oversight.

The panel also featured Marco Antonio Velloso De Sousa, superintendent of Institutional Investor Supervision at CVM, and was moderated by Fatiha Charti, head of Client Service and Relationship Management at State Street Bank International GmbH, Luxembourg branch.

Commenting on the regulator’s future plans, Sousa said the CVM intends to advance its agenda on exchange-traded funds (ETFs) in the coming years.

The conference reinforced Brazil’s position as a market in transformation, with strong potential to attract foreign capital and foster partnerships with international asset managers. “Brazil’s fund industry has evolved—it is open for business and more aligned with global standards,” Lopes said.