One of the world’s 20 largest wealth managers, Nordea Asset Management has removed Brazil’s bonds (fixed-income securities) from its internal list of restrictions after promises by the country’s president-elect, Luiz Inácio Lula da Silva (PT), to protect The amazon forest.
Finland-based Nordea Asset Management, the asset management arm of Nordea, one of the biggest banks in the Nordic countries, had placed the veto in 2019 due to concerns over the rapid destruction of the Amazon under the government of Jair Bolsonaro (PL) , who was defeated by Lula in the second round on Sunday.
“Following positive promises from President-elect Luiz Inácio Lula da Silva following his election victory on Sunday, Nordea’s veto on Brazilian government bonds has been lifted, effective immediately,” Nordea said in a statement.
Lula promised to protect the Amazon rainforest during his election campaign. Thede Rüst, head of emerging markets debt at Nordea Asset Management, added that the expected return of environmentalist Marina Silva in a major policy-making role was also a positive factor.
Eric Christian, Nordea’s head of responsible investment, Eric, told Reuters on Monday (31) that the institution was considering lifting the ban after Lula’s victory.
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