JPMorgan's Highbridge Capital Takes Stake in Brazil Hedge Fund

Before you go, we thought you'd like these...
Before you go close icon
Highbridge Capital Management, which is owned by J.P. Morgan Asset Management (JPM), said it will buy a majority interest in Brazilian hedge fund Gavea Investimentos.

Gavea has $6 billion under management and was founded by Arminio Fraga, former president of Brazil's central bank, Highbridge said in a statement. Fraga is currently the fund's chief investment officer.

Sponsored Links
"This has been a long courtship of one of the finest global macroeconomic hedge fund managers in the world," said Mary Callahan Erdoes, CEO of J.P. Morgan Asset Management. "Partnering with Gavea gives our clients the ideal combination of local emerging markets expertise with the global platform of J.P. Morgan Asset Management."

Gavea's investment process and day-to-day activities will remain unchanged. Arminio Fraga will join the Highbridge board of managers and investment committee.

The deal will close "shortly", Highbridge said. The statement did not name a price for the purchase.

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners