Gavea Closes Short-Lived Asset-Backed Fund

Feb 26 2013 | 2:29pm ET

Gávea Investimentos is shutting its month-old asset-backed receivables hedge fund after losing its manager to its parent company.

Jose de Menezes Berenguer Neto has been named head of JPMorgan Chase's Brazilian unit. He had joined Gavea—founded by Brazil's former central bank chief, Arminio Fraga, and bought by JPMorgan in 2010—in March to launch the high-yield credit fund.

Gavea had raised 1 billion reais (US$507 million) for the fund, which will be returned to investors, Bloomberg News reports. The hedge fund will not launch a new asset-backed fund until it finds a replacement for Berenguer.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…