Patria Investments Limited, a major Brazilian alternative asset manager, saw its stock fall 3.80% today to close at $10.77 per share after Bank of America (BofA) Securities downgraded its rating on the company. The decline comes as BofA cited concerns over growth and a "decelerating macroeconomic backdrop" across Latin America, which affects Patria’s core business of private equity and infrastructure investments in the region. The downgrade moved the stock from a "Neutral" to an "Underperform" rating, with the investment bank slashing its price target from $14.00 to $10.00.