The National Bank for Economic and Social Development (BNDES) in Brazil has announced JGP Asset Management as the manager of a new Credit Rights Investment Fund (FIDC). FIDC is dedicated to investing in incentivized debentures of infrastructure projects.

JGP Asset Management was selected through a public tender process. A total eight companies participated in the selection process, with Votorantim Asset Management and Itaú Asset Management coming in second and third place, respectively. FIDC will be formed with securities that are already part of the bank's portfolio and will have equity of approximately BRL500 million (US$130.13 million).

FIDCs are funds that have at least half of their assets in credit rights; credits that a company has yet to receive, such as checks, rents, duplicates or credit card parcels. Incentive debentures are securities that companies issue to raise funds. These long-term securities have an exemption from income tax. Instead, the government requires companies to use the money for infrastructure projects.