JPMorgan Eyes Brazilian Hedge Fund: Report

Date: Thursday, June 24, 2010
Author: Reuters

JPMorgan Chase is in talks to buy a large Brazilian asset management company, the Financial Times reported in its Monday [June 21] edition.

Citing people close to the situation, the paper said the New York-based bank was in advanced discussions to buy Gavea Investimentos, which manages about $5.3 billion of assets.

No agreement has been reached between JPMorgan and Gavea, founded by Arminio Fraga, a former president of Brazil's central bank, but a purchase could be announced as soon as next month if talks are successful, the paper said.

JPMorgan Chase declined to comment. Gavea Investimentos could not immediately be reached for comment.