Brazilian asset management group Banco Opportunity yesterday won a key court ruling that could re-establish its right to manage the country’s third largest telecom operator Brasil Telecom Participacoes. A civil court reversed an earlier ruling that had annulled a shareholders’ agreement under which Banco Opportunity voted at Brasil Telecom meetings on behalf of three government pension funds, Previ, Funcef and Petros. The asset management firm will now wait for the court to officially publish its decision before proceeding.
In October 2005 Banco Opportunity was removed from the management of Brasil Telecom. The group was the administrator of CVC, which controlled Telemig Celular Participacoes and Tele Norte Celular Participacoes, but Citigroup split from Banco Opportunity in March 2005.