Almost a decade ago, investors were flocking to the tantalising investments of Brazil, put forward by emerging market experts as an outstanding example of South American growth. But, as the economy has slowed, local asset management firms have been pushing abroad to capture clients and assets.

During the past 12 months, a number of local fund managers with at least $280 billion in assets under management have taken steps to position themselves for the international market through partnerships, new offices and distribution agreements.