Gavea Scraps Asset-Backed Fund as JPMorgan Hires Away Berenguer
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Gavea Investimentos Ltda., the hedge fund founded by ex-central banker Arminio Fraga, will return to investors the 1 billion reais ($507 million) it raised last month for a high-yield credit fund.
Gavea closed the fund because Jose de Menezes Berenguer Neto, who had joined the firm in March as head of private credit, is leaving to head JPMorgan Chase & Co.’s Brazilian unit, Gavea Chief Executive Officer Amaury Bier said by telephone from Rio de Janeiro. Gavea is a unit of JPMorgan.