Focus areas: Banking, FinTech, financial services, financial inclusion, impact investing, emerging markets

Frederic de Mariz is Executive Director at UBS, where he is responsible for the coverage of Financial Institutions in Latin America. Frederic has 15 years of experience in investment banking in London, New York, Mexico City and São Paulo, where he now lives. Prior to UBS, he worked at JPMorgan and Goldman Sachs. His team has been consistently ranked among the top 3 in independent industry surveys, including #1 in Impact Investing by Euromoney (2017). His areas of expertise include the banking segment, FinTech and impact investing. Frederic graduated from Columbia University – SIPA (MIA, 2005), La Sorbonne (MA in History, 2003), Sciences Po., Paris, (MPA, 2004), ESSEC, Paris (MBA, 2004). He completed his PhD in Finance at University of Sao Paulo (FEA-USP, 2017) with a thesis on Payments and Financial Inclusion. He has published a number of academic articles and teaches on a regular basis. He is a member of the Brazilian private equity association (ABVCAP), the Brazilian Social Impact Bonds Committee, the Brazilian Banking Association (FEBRABAN) and was an advisor to several microfinance institutions in Brazil.

Research & Publications

February 2017|The Aspen Institute|Frederic de Mariz, Katia Dumont, Genevieve Edens, Rebeca Rocha, Eduardo Roman, Alberto Rossi, Natalia Valencia

Impact investing has gained momentum in recent years, as increasing numbers of investors look to align their money with their values. Though the industry has blossomed in Latin America, there are still a number of challenges to its growth. An important one is the lack of quality data about the industry. The analysis shows that impact investing is off to a promising start in the region. Further, we are encouraged to see that investment activity is led by Latin American impact investors, rather than solely driven by international institutions. We anticipate that the industry will continue to grow in the coming years.

July 2011|CGAP|Frederic de Mariz, Xavier Reille, Daniel Rozas

This report is the result of a partnership between CGAP (Consultative Group to Assist the Poor) and J.P. Morgan with the support of the Council of Microfinance Equity Funds (CMEF). It combines CGAP and CMEF knowledge of microfinance with J.P. Morgan’s equity research skills in emerging markets. This is the third edition in a series begun in 2009. Our objective is to provide benchmarks for valuation of microfinance equity, both private and publicly listed, drawing on two data sets: a sample of 238 private equity transactions between 2005 and 2010 (compared to 200 transactions in last year’s edition of the report), which represents the largest such data set gathered to date, and data on 11 publicly traded lower income financial institutions (LIFIs).

This year’s edition is entitled “Discovering Limits” as the recent experience of unsustainable growth, and the risk of client over-indebtedness in several countries, has given the sector a better appreciation of the limits of growth. Microfinance valuations in the public and private markets are starting to converge with those of traditional financial institutions. Despite a challenging environment, the equity market remained vibrant in 2010 with US$205mn in private equity investments captured by our survey. Latin America and the Caribbean represented the largest share of investments, with 56% of the total transaction value in 2010. Equity prices continue to be supported by a broad base of public and private investors with a long-term commitment to the asset class.

November 2005|Journal of Private Equity|Frederic de Mariz, José Savoia

This paper analyzes the evolution of the private equity and venture capital industries in Brazil, using the U.S. market as an ideal type. The main challenges faced by this sector in Brazil are the volatility of the economy, a lack of seed capital, and the illiquidity of capital markets, which make exit strategies through initial public offerings problematic. On the other hand, the decreasing level of real interest rates and the recent changes in the regulatory framework are the two main factors that bode well for the future growth of the sector. As a result, the authors believe Brazil will become one of the most important markets for private equity by the end of the decade.

September 2005|Journal of French Politics, Culture and Society|Frederic de Mariz

French Abstract: La chute de la monarchie et l’instauration de la Première République en 1910 inaugurent une période de grande instabilité politique au Portugal. Deux ans après le coup d’État de 1926, Antonio de Oliveira Salazar est appelé au ministère des Finances. Son nouveau régime durera jusqu'en 1974. Nous analysons les échanges et influences mutuelles entre le régime conservateur de Salazar et la droite extrême française jusqu'en 1945. Salazar attire des admirateurs de diverses origines: conservateurs charmés par le dictateur et par un pays figé dans son passé glorieux, et modernistes intrigués para la politique de la jeunesse et le corporatisme. Durant ces années se développe le mythe Salazar, mythe du bon dictateur.

English Abstract: The fall of the monarchy in 1910 and the advent of the First Republic open a period of great political instability in Portugal. Two years after the coup of 1926, Antonio de Oliveira Salazar becomes Minister of Finance. The regime he instaured would last until 1974. We analyze the exchanges and mutual influences between the conservative regime of Salazar and the French far-right until 1945. Salazar managed to attract admirers from various backgrounds: conservative visitors charmed by the dictatorship and by a country glorifying its past, and modern intellectuals intrigued by his policies for the youth and for unions. The myth of Salazar grows during those years, the myth of a good dictator.