Highbridge Buys Controlling Stake in Gavea

October 28, 2010 James Heinsman Hedge Fund News

J.P. Morgan Chase & Co. owned global hedge fund Highbridge Capital Management announced that it bought a 55% Gavea Investimentos and intends to increase its ownership to 100%.

Highbridge’s investment will give the bank a needed increase to its asset-management revenue. The operation recorded a 2% drop in third-quarter net profit to $420 million from a year earlier on an increase in headcount. J.P. Morgan Asset Management has $1.8 trillion assets under supervision.

With this acquisition, Highbridge will have officially entered into the fast-growing Brazilian market.

“Before the deal, Highbridge’s exposure to Brazil was essentially zero. So with this transaction, we’ll have the opportunity to become invested in one of the fast-growing economies in the world with an ideal local partner,” says Glenn Dubin Highbridge’s co-founder and Chief Executive.

Gavea was co-founded in 2003 by Chairman and Chief Investment Officer Arminio Fraga, a former president of the Central Bank of Brazil. Gavea offers hedge funds, private equity and longer-term investments, and wealth-management services across both emerging and broader international markets.

Arminio Fraga, Gavea Investimentos, Glenn Dubin, Highbridge Capital Management,

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