Paper on fiduciary administrators in investment fund industry wins prize

The aim of the research project was to study the oversight duty attributed to a key type of service provider in the asset management industry: fiduciary administrators.
Law
22 January 2020
Paper on fiduciary administrators in investment fund industry wins prize

Rafael Vieira de Andrade de Sá, an academic master’s student at the FGV´s Sao Paulo Law School, was one of the winners of the 15th Brazilian Association of Financial and Capital Market Entities (ANBIMA) Capital Market Awards in the Master’s category. He won with his master’s thesis, titled “Fiduciary administrators as gatekeepers to the investment fund industry: origin, limits and prospects,” which he wrote under the guidance of Professor Viviane Müller Prado.

The aim of his research project was to study the oversight duty attributed to a key type of service provider in the asset management industry: fiduciary administrators. Although they are considered a gatekeeper (meaning that they act to guarantee that other investment fund service providers respect the applicable rules), the regulations are not clear as to how fiduciary administrators may perform this role. The research project was designed to understand precisely where this duty arises, how it may be performed and the main obstacles to achieving it as the Brazilian capital markets develop.

The ANBIMA Capital Market Awards were created in 2005 and they are organized in partnership with Casa das Garças, a political and economic think tank. They are aimed at recognizing master’s and PhD students in the areas of economics, business administration and law. Their goal is to encourage academic output related to the development of capital markets in Brazil.

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