Gávea Investimentos ends multimarket fund management, transfers assets to Bradesco

Gávea Investimentos, the Brazilian hedge‑fund group founded in 2003 by former central‑bank governor Arminio Fraga, announced it will cease managing its multimarket hedge‑fund vehicles and transfer them to Bradesco Asset. The move affects roughly R$ 2 billion of third‑party capital held in the multimarket funds. Investors will be given the option to redeem their holdings or remain invested under Bradesco’s administration.

The decision follows a sharp decline in performance. The flagship Gávea Macro fund posted a 3.16% return in 2025, its worst year since the 2008 global crisis and far below the 14.3% CDI benchmark, while industry peers averaged a 13.56% gain. Gávea retains about R$ 1 billion in private‑equity assets and legacy participation funds, which will continue to be managed internally. Bradesco Asset’s CEO Bruno Funchal highlighted the long‑standing partnership between the two firms. The firm is also considering hiring some Gávea staff, and CIO Gabriel Srour plans to launch a new management vehicle for future strategies.