Hedge Funds in Brazil
Hedge Funds Moving into Brazil with Great Expectations
“Latin America suffered because it was always believed that ‘Brazil is the man of the future and always will be,’” said Marko Dimitrijevic, founder of Everest Capital, a Florida-based emerging market hedge fund that oversees $2 billion. “But it looks like the future is now.”
Late last year, JPMorgan Chase’s Highbridge Capital purchased a majority stake in Gávea Investimentos, a top Brazilian hedge fund. Brevan Howard, one of Europe’s largest hedge funds, recently set up shop in São Paulo. This week, the first Hedge Fund Brazil Forum, an industry conference held at the Copacabana Palace Hotel in Rio de Janeiro, drew hundreds of attendees, including representatives from premier shops like Paulson & Company and SAC Capital Advisors.
In all, hedge fund assets devoted to the region rose 75 percent, to $21.4 billion, in 2010, according to data from Hedge Fund Research. Source