Cuervo, who previously ran the $2.3bn (£1.4bn) HSBC GIF Brazil Equity Fund at HSBC Global Asset Management, took up the position this week.
He will manage funds at Santander, and the firm says it will confirm further details over the next few weeks. Cuervo is also expected to play a role in “enhancing the company’s international positioning” and building its institutional business. The firm has 80 Latin America fund managers and analysts.
As a result of Cuervo’s departure in June, HSBC handed the lead manager role on its HSBC GIF Brazil Equity and $320m HSBC GIF Latin American Equity funds to Natalia Kerkis, formerly a co-manager on both portfolios. Kerkis, who joined the firm in 2004, is based in Brazil and is supported by a team of ten.
