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JP Morgan 'to invest in Brazil'

Date added: 21st June, 2010 at 10:00
(view all articles from June, 2010)

Categories: Economy

Asset management company JP Morgan is to invest in Brazil when it acquires one of the country's hedge fund and private equity groups, according to the Financial Times.

Sources told the newspaper that the bank was in talks with Gavea Investimentos, which manages around $5.3 billion (£3.57 billion) worth of assets, although the potential for the success of the deal is as yet uncertain.

The information source reported that both companies had stayed quiet on the issue but insiders had revealed that JP Morgan was awaiting further detail on the soon-to-be-introduced "Volcker rule" - US legislation to impose limits on the activities of financial institutions.

Gavea Investimentos was founded in 2003 by Arminio Fraga - formerly the president of Brazil's central bank - and operates out of Rio de Janeiro and Sao Paulo.

JP Morgan recently announced that it intended to set up the first Global Emerging Markets Income Trust for investment in Brazil, focusing on dividend income and capital growth.ADNFCR-1477-ID-19848029-ADNFCR

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