PITTSBURGH - Mellon Financial Corp. has formed an alliance with a Brazilian insurance company to offer defined-contribution pension funds in Brazil.
The series of funds introduced Wednesday will be produced and managed by Mellon's asset management joint venture, Dreyfus Brascan Asset Management, and marketed by Vera Cruz Via e Previdencia, a Brazilian insurance company.
The funds are similar to 401(k) funds, said Greg Stein, a spokesman for Mellon, and were introduced in an effort to attract a "growing market in South America looking to prepare for retirement."
Mr. Stein said the move to South America was a logical step for Mellon, which has similar funds in 33 European and Asian countries.
