Mutual fund underlyings stage comeback in Brazil

Sales of fund-linked structures in Brazil have staged a memorable come back after a two-year lacuna. Last year’s issuance and sales signal a bounce back from a once booming sector that yielded roughly US$543m in 2018, and subsequently shrunk to just US$12.4m in 2019. This figure further decreased to US$2.9m in 2020. In 2021, however, mutual funds ranked as the third most popular underlying sector after risk control which accrued an estimated US$209m over 106 products, and Asia Pacific, wh