Brazil’s Gávea Shuts Multimarket Funds After US$1.7B Outflows

Markets: Rio de Janeiro Key Facts —Decision. Gávea Investimentos, founded by former Central Bank president Armínio Fraga, is exiting its Gávea Macro family of multimarket (hedge) funds and abandoning the strategy. —Mechanics. The five affected funds, including pension portfolios, will be transferred to Bradesco Asset, subject to approval by shareholders in coming assemblies. —Track record.…