Blissful beachgoers in Rio may not worry much about the rest of the world. But two blocks from Leblon, one of the city's best beaches, is the headquarters of Gavea Investimentos, a Brazilian fund manager with $7 billion in assets under management, which makes money by looking over the horizon. The firm runs a respected "macro" hedge fund, which bets on global market trends. It recently raised a $1.9 billion private-equity fund, Brazil's largest ever. In 2010 Gavea attracted the attention of High-bridge, a $27 billion hedge fund run by JPMorgan Chase, which bought a majority stake for a reported $1.5 billion.
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