Investidor Profissional

Investidor Profissional Gestão de Recursos Ltda. (“Investidor Profissional” or “IP”) is a Brazil-based asset management firm founded in 1988 by Robert Vinhaes and Christiano Fonseca Filho. As of September 2007, assets under management amounted to $1.53bi.

History

Investidor Profissional was founded in 1988 by Roberto Vinhaes and Christiano Fonseca Filho as the first independent asset management firm in Brazil.The company gained notoriety in the late 90s as a proactive minority shareholder in some of the relevant Brazilian Corporate Governance cases.

Lojas Renner

During the second half of the 1990s, IP held a minority stake in Lojas Renner, a large Brazilian retail chain. The company did not have Tag Along rights.In December 1998, J.C. Penney acquired the controlling stake in Lojas Renner. On the same day, it published in the newspapers a public offer to buy 70% of the preferred shares at an average price per share of R$23.71 (US$19.70).

Subsequent to the offer, IP contacted the Comissão de Valores Mobiliários (CVM, the Brazilian SEC) on grounds that the proposed value was unfavorable to minority shareholders. CVM ruled in favor of IP and JC Penney returned after 2 weeks with an offer at R$ 25,00 (US$20.72). Some shareholders accepted the new terms but IP decided to hold the position.

In January 1999, JC Penney bought IP’s stake for R$ 37,61 per share.This case was a watershed in Brazilian Corporate Governance, as it brought public awareness to such issues.

As of September 2007, managed about US$1.5 billion from Brazilian HNWI, Brazilian Institutional Investors, and Foreign Investors through local and offshore structures

External Sources

* [http://www.investidorprofissional.com.br Investidor Profissional Website]
* [http://www.investidorprofissional.com/english_new/sobre/imprensa_pioneiros.php The Pioneer's of Corporate Governance - Valor Econômico]
* [http://economist.com/finance/displaystory.cfm?story_id=E1_VVGPQDV&CFID=5225565&CFTOKEN=44f6b901d5096a6-16BD51EC-B27C-BB00-012750765C6B483B The Economist - Brazilian IPOs - New wave for the Novo Mercado]
* [http://www.investidorprofissional.com/english_new/sobre/imprensa_ponto_frio.php IP's entry in Ponto Frio is welcomed - Valor Econômico]