Pedro Fonseca worked in equity research for about 25 years before recently joining Edison. He started as a country analyst following Portugal (where he was number 1 rated in several surveys) and then focused on emerging market financials. He has covered banks in central and eastern Europe, Turkey, South Africa and Brazil. He also has covered banks in Spain, Italy and Austria which have a large emerging market presence (Santander, Intesa, Erste and the like). He has worked in UK, Portugal and Brazil and his employers have included both bulge bracket (UBS, Credit Suisse) and smaller players (HSBC, Nomura) as well finance specialists (KBW, Fox Pitt Kelton). He holds Economics and Management degrees from Rice University and a MBA from University of Texas at Austin. He has also lectured on finance and economics at university level.