Investors into Itau's MM 95 Capital Protegido Credito Privado Estrategia Plus have received a return of 108.94% of initial capital, after just six months of investment. A total of BRL1.34m ($0.73m) will be available to the Brazilian bank as rollover money.
The six-month capital-protected fund promised to pay out an 8.94% return if, at any time during the investment period, the level of the underlying index rose or fell by more than 15% from its initial level. Otherwise only 95% capital return would have been offered.
The initial index level was calculated on 1 September 2011 and measured 58,118 and the final index level was taken on 21 March 2012 and measured 66,860. The index therefore rose by more than 15% above its initial level and the bonus return will therefore be paid out.
This product appears on the Brazilian database.