Monday, 25 May 2015
Last updated 2 days ago
Oct 25 2010 | 12:26pm ET
JPMorgan Chase is set to announce its acquisition of Brazilian hedge fund Gávea Investimentos.
The U.S. bank has finally agreed to a deal for the US$6 billion firm, founded by former Brazilian central bank governor Armínio Fraga seven years ago. JPMorgan and Gávea have been in talks since at least February, and continued to pursue them despite new U.S. financial regulations that strictly limit a bank's activities in the alternative investments space.
It is unclear how much JPMorgan will pay for Gávea. But Fraga, who is also chairman of the São Paulo stock exchange and a member of JPMorgan's international board, has agreed to remain at Gávea's helm for at least five years, Veja magazine reports.
An announcement is set for as soon as tomorrow.
Under earlier versions of the plan, Gávea would become part of JPMorgan's $21 billion hedge fund unit, Highbridge Capital Management. It is unclear whether that part of the deal survived into the final version.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…