asset management

JPMorgan's Highbridge Capital Takes Stake in Brazil Hedge Fund

Highbridge Capital Management, which is owned by J.P. Morgan Asset Management (JPM), said it will buy a majority interest in Brazilian hedge fund Gavea Investimentos. Gavea has $6 billion under management and was founded by Arminio Fraga, former president of Brazil%u2019s central bank, Highbridge said in a statement. Fraga is currently the fund%u2019s chief investment officer.

HSBC May Consider Buying Northern Trust

HSBC (HBC) may be considering a bid for Northern Trust (NTRS), a California-based financial services group, The Daily Mail said. Northern Trust has more than $643 billion of assets under management and counts more than 20% of the wealthiest families in the U.S. among its clients.

Bank of America Considering Reducing BlackRock Stake

Bank of America Corp. (BAC) is considering reducing its 34% stake in asset manager BlackRock Inc., Bloomberg News reported. The bank has not made a final decision and no deal is imminent, Bloomberg News said without naming its sources. The stake%u2019s carrying value was $10.1 billion as of June 30. Its fair market value was $9.3 billion, according to a regulatory filing from Aug. 6.

World's supply of rich people falls

Wealth – and the number of wealthy people – declined over the past year. Unsurprisingly, the worldwide recession that has hammered...