Gavea Closes Short-Lived Asset-Backed Fund

Feb 26 2013 | 3:29pm 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.


In Depth

Q&A: Decathlon Capital On Revenue-Based Alternative Lending

Oct 30 2017 | 3:49pm ET

The explosion in private credit activity since the end of the financial crisis is...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

CAIS: How Technology is Disrupting the Alternative Investment Industry

Nov 7 2017 | 5:35pm ET

If there’s one thing that alternative investment professionals can agree on, it...