Financial services major JP Morgan Chase is in talks to buy Gavea Investimentos, a large Brazilian asset management company, for an undisclosed amount, a media report said.
Attributing the news to people close to the situation, the Financial Times said that the US financial group was in advanced discussions to buy Gavea Investimentos, a company that manages about $5.3 billion in assets.
The report said that a purchase could be announced by next month, if talks are successful.
However, the report said that no deal has been arrived at, and there were chances that the talks could still collapse.
However, JP Morgan and Gavea declined to comment.
Gavea, founded by Arminio Fraga, has 109 employees based in Rio de Janeiro and Sao Paulo.
JP Morgan also controls alternative investment manager Highbridge, with $21 billion in assets under management (AUM), and One Equity Partners, a private equity group.
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app