Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Gavea Scraps Asset-Backed Fund as JPMorgan Hires Away Berenguer

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.

Gavea won’t have another asset-backed receivables fund investing in high-yield credit until it finds someone to replace Berenguer, Bier said.

Valor Economico newspaper reported Gavea’s closure of the fund earlier today.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.