Emerging markets have been bright spots for a lot of banks lately, one reason why Merrill Lynch is making a move into the field. The company's recent recruitment of nine investment bankers in Brazil is a good indicator of its ambitions in the region, notes Investment Dealers' Digest. Brazil may end up the key in its entire Latin American strategy, which includes presences in Panama, Chile, Argentina and Uruguay. It's already got plenty of competition in Brazil, with UBS and Credit Suisse leading the deal pack in 2008. Last year, Citigroup took to those honors. The big issue is whether Merrill made its move a bit too late. Most think business in the country will moderate.  

For more:
- here's the Investment Dealers' Digest article

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