US-based asset management firm Manulife Asset Management (MAM) has acquired 5% of Brazilian logistics company LLX Logística (Bovespa: LLXL3).
The company purchased 34.8mn shares, LLX said in a filing with São Paulo stock exchange Bovespa.
MAM manages funds from a variety of assets including equities and fixed-income investments, as well as real estate, forestry and agriculture. The company is a subsidiary of Manulife Financial, which had over US$174bn in its portfolio as of September 2010.
LLX is a member of the EBX group, owned by Brazilian tycoon Eike Batista.