Word: deltec
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Gordon served as the CEO of Kidder until 1976, and worked at Deltec Asset management LLC until...
Idle Cash. The company that is introducing stocks to the Argentine boondocks is the Deltec organization, a many-faceted (paints, petrochemicals, motor scooters), hemisphere-ranging investment house that specializes in Latin American finance. Deltec set up and controls an affiliate known as Valardel, formed to tap idle cash in the hinterlands, where owners have had little to invest in except land. Deliberately staying out of the big cities and concentrating on rural customers, Valardel has sold stocks in twelve Argentine companies, including a steelworks, several auto firms and a paper maker...
Valardel's boss is Deltec Vice President Julio Nuñez, 38, a Cuban-born U.S. citizen who was educated at Georgetown and Harvard Law, served as assistant U.S. Attorney in the Eisenhower Administration and was tapped to prosecute the Puerto Rican nationalists who, in 1954, shot up the Congress. Operating out of a Buenos Aires office decorated with a scarlet rug, wildly abstract art and carved African statuettes, Nuñez has set an ambitious goal: to make Valardel the Merrill Lynch of Argentina. "We have reached the point," says reform-minded Nuñez, "where...
Dividends: 25%. Most Deltec issues have paid the average Brazilian dividend or better-10%-25% of par value plus stock splits. Though its expenses are high, Deltec has found the operation profitable. The fees for underwriting a stock issue in Brazil average 15%-20% of the value of the issue (U.S. average...
...Deltec's success has inspired imitators; two new open-end investment funds and several Wall Street-type firms are now busily stimulating the securities market. From his marble-walled Rio office and his spacious Copacabana Beach home, Dauphinot is looking beyond Brazil for other back roads for his thundering jeep-herd to travel. Newest challenge: the undeveloped capital markets of Argentina...