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Hedge Fund Mergers & Acquisitions: Highbridge/Gavea

New York (HedgeCo.net) – Hedge fund owned by J.P. Morgan Asset Management, Highbridge Capital Management, has purchased a majority interest in Gávea Investimentos, a $6 billion Brazil hedge fund manager. Gávea was co-founded in 2003 by Chairman and Chief Investment Officer Arminio Fraga, former President of the Central Bank of Brazil.

“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.

“Gávea is a fantastic organization that reflects not only Arminio Fraga’s well-deserved reputation as an exceptional economist and investor, but also his belief in the importance of creating a long-term business franchise,” said Glenn Dubin, Chief Executive Officer of Highbridge. “Gávea will provide Highbridge with greater macroeconomic insight and direct exposure to investing in Brazil, which will be a powerful addition to our investment capabilities.”

Highbridge and Gávea will have a relationship similar to that created by J.P. Morgan Asset Management’s original purchase of Highbridge in 2004. Gávea’s investment process will remain unchanged, and its day-to-day activities will continue to be managed by its executive team. This includes Arminio Fraga; Luiz Fraga, co-Founder and co-CIO of private equity, Gabriel Srour, co-CIO of hedge funds, Chris Meyn, Head Portfolio Manager of private equity, and CEO Amaury Bier, a former deputy finance minister of Brazil.

Marcelo Stallone will maintain his key role in the wealth management business. Arminio and Luiz Fraga will both join Highbridge’s Board of Managers and Executive Committee, and Arminio Fraga will join the Highbridge Investment Committee.

Editing by Alex Akesson

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