JPMorgan buys majority in Gavea hedge fund-memo

LONDON, Oct 27 (BestGrowthStock) – JPMorgan (JPM.N: ) acquired a
majority interest in Brazil hedge fund Gavea Investimentos, an
internal memo said, allowing the U.S. investment bank’s clients
access to the rapidly growing Brazilian economy.

The acquisition was together with Highbridge, which manages
hedge fund investments for JPMorgan, said the memo, which was
obtained by Reuters.

JPMorgan declined to comment on the purchase, which is
expected to be announced later on Wednesday.

The memo was sent to employees late on Tuesday by asset
management Chief Executive Mary Erdoes. It said Gavea manages
about $6 billion in assets, but did not disclose a price for the
acquisition.

Gavea was founded in 2003 by Arminio Fraga, shortly after he
left his job as president of the central bank. Fraga is also a
member of JPMorgan’s international board. [ID:nN25105540]

Brasil’s Veja magazine first reported the deal in its online
edition on Monday, followed by the Financial Times on Tuesday,
which said JPMorgan would hold 55 percent of Gavea.
(Reporting by Douwe Miedema; Editing by David Holmes)

JPMorgan buys majority in Gavea hedge fund-memo