Financial services major JP Morgan Chase is in talks to buy Gavea Investimentos, a large Brazilian asset management company, for an undisclosed amount, a media report said.
Attributing the news to people close to the situation, the Financial Times said that the US financial group was in advanced discussions to buy Gavea Investimentos, a company that manages about $5.3 billion in assets.
The report said that a purchase could be announced by next month, if talks are successful.
However, the report said that no deal has been arrived at, and there were chances that the talks could still collapse.
However, JP Morgan and Gavea declined to comment.
Gavea, founded by Arminio Fraga, has 109 employees based in Rio de Janeiro and Sao Paulo.
JP Morgan also controls alternative investment manager Highbridge, with $21 billion in assets under management (AUM), and One Equity Partners, a private equity group.
