JPMorgan's Highbridge Capital Takes Stake in Brazil Hedge Fund
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.
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.