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Banking

Gávea: Fraga keeps his exit strategy open ended

Arminio Fraga and his partners have just sold asset management firm Gávea to JPMorgan’s Highbridge Capital Management. The deal for the Brazilian company is staggered over five years, and crucial to it is that Fraga will continue to lend his expertise for at least that long. Fraga talks to Rob Dwyer about the firm’s strategies, the deal with JPMorgan and Brazil’s economic prospects.

Arminio Fraga and his partners have just sold asset management firm Gávea to JPMorgan’s Highbridge Capital Management
Arminio Fraga and his partners have just sold asset management firm Gávea to JPMorgan’s Highbridge Capital Management

ARMINIO FRAGA IS sitting in a sparsely decorated, white meeting room on the seventh floor of an office block in Leblon, a chic neighbourhood of Rio de Janeiro that is about 15 kilometres away from the district of Gávea, which provided the name of the investment firm he cofounded with his cousin, Luiz (and third cofounder Luiz Figueiredo, who left Gávea in 2005 to start his own business). Apart from the fingerprint scanners that unlock the doors inside the firm‘s offices – which Fraga describes as "a pain; they’re always breaking" – the headquarters of Gávea Investimentos are professional but modest, almost to the point of unassuming. The same could also be said about Fraga on this grey and rainy November afternoon, and yet he has just concluded the latest, and surely the most personally lucrative, milestone in a career that is studded with highlights and accomplishment.

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